With around 40 percent of its territory covered by forests, Cambodia has become Asia's champion of carbon credits. This system is supposed to finance the protection of the country's forests, thanks to money injected by multinationals from around the world. For the past decade, big companies – including French and American firms – have spent millions of euros buying these credits to offset their carbon footprint. But our Cambodia correspondents' investigation reveals mass deforestation within these protected areas. In 2023, the kingdom had lost 121,000 hectares of forest – an area the size of Los Angeles.