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Sunday, June 16, 2024

Vietnam gets US$50 million in forest carbon credits

The Saigon Times

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HCMC – Vietnam has become the first country in the East Asia and Pacific region to receive results-based payments from the World Bank’s Forest Carbon Partnership Facility (FCPF).

The payment of US$51.5 million, equivalent to VND1,200 billion, recognizes the country’s verified emission reductions of 10.3 million tons of carbon, achieved through decreased deforestation, forest degradation (REDD+), and enhanced carbon storage via reforestation.

The payment directly benefits 70,555 forest owners and 1,356 forest-dependent communities.

This success brings Vietnam closer to fulfilling its ambitious Nationally Determined Contributions (NDCs) under the Paris Agreement, said Le Minh Hoan, Minister of Agriculture and Rural Development.

NDCs outline each country’s specific commitments to reducing greenhouse gas emissions and adapting to climate change.

According to the World Bank, Vietnam exceeded contracted emissions reductions with the FCPF, opening opportunities to sell surplus reductions or contribute them toward NDC targets.

The REDD+ program in Vietnam covers 3.1 million hectares within a total of 5.1 million hectares in the project area, encompassing ecologically-vital forests with five internationally recognized biodiversity corridors. The region is home to 12% of Vietnam’s population

The program combines forest management, sustainable forestry investment, and agricultural policy improvements.

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