Illustrative image (Photo: baotainguyenmoitruong.vn)This makes Vietnam the first country in the East Asia-Pacific to receive a results-based payment from the World Bank (WB)’s Forest CarbonPartnership Facility (FCPF).
The paymentwas made to Vietnam for reducing 10.3 million tonnes of carbon emissionsbetween February 1, 2018, and December 31, 2019. It is the largest singlepayment to date made by the FCPF for verified and high integrity carboncredits.
The paymentwill benefit 70,055 forest owners and 1,356 communities near the forests, to bedistributed according to a robust benefit sharing plan designed through aconsultative, participatory, and transparent process.
Ministerof Agriculture and Rural Development Le Minh Hoan said Vietnam is already generating emissionreductions in excess of the volume contracted with the FCPF, and can sell thecredits to third party buyers through bilateral agreements or carbon markets.
The success of this REDD programme brings Vietnam closer to delivering on itsambitious Nationally Determined Contributions under the Paris Agreement, whileprotecting areas of vital importance to biodiversity conservation, he added.
According to WBCountry Director for Vietnam CarolynTurk, this landmark payment marks another step for Vietnam towardsjoining the global carbon credit market and opens a new opportunity to financethe Southeast Asian country’s ambitious climate commitments and targets.
Vietnam’semission reduction programme protects most of the country’s tropical forests,covering 3.1 million out of the 5.1 million hectares of land in the programmearea. These forests are of significant ecological importance, encompassing fiveinternationally recognised conservation corridors. The area is also home to 12%of Vietnam’s population, including 13 ethnic minority groups and manyforest-dependent communities.
Throughimproved forest management, investment in the forest sector, and enhancement ofagricultural policies, the programme is increasing both the extent and quality offorest cover in collaboration with local communities.
The FCPF is a global partnership of governments,businesses, civil society, and Indigenous Peoples' organisations focused onreducing emissions from deforestation and forest degradation, forest carbonstock conservation, the sustainable management of forests, and the enhancementof forest carbon stocks in developing countries, activities commonly referredto as REDD . Launched in 2008, the FCPF has worked with 47 developingcountries across Africa,Asia, and Latin America and the Caribbean, along with 17 donors that have made contributions andcommitments totaling 1.3 billion USD./.
The paymentwill benefit 70,055 forest owners and 1,356 communities near the forests, to bedistributed according to a robust benefit sharing plan designed through aconsultative, participatory, and transparent process.
Ministerof Agriculture and Rural Development Le Minh Hoan said Vietnam is already generating emissionreductions in excess of the volume contracted with the FCPF, and can sell thecredits to third party buyers through bilateral agreements or carbon markets.
The success of this REDD programme brings Vietnam closer to delivering on itsambitious Nationally Determined Contributions under the Paris Agreement, whileprotecting areas of vital importance to biodiversity conservation, he added.
According to WBCountry Director for Vietnam CarolynTurk, this landmark payment marks another step for Vietnam towardsjoining the global carbon credit market and opens a new opportunity to financethe Southeast Asian country’s ambitious climate commitments and targets.
Vietnam’semission reduction programme protects most of the country’s tropical forests,covering 3.1 million out of the 5.1 million hectares of land in the programmearea. These forests are of significant ecological importance, encompassing fiveinternationally recognised conservation corridors. The area is also home to 12%of Vietnam’s population, including 13 ethnic minority groups and manyforest-dependent communities.
Throughimproved forest management, investment in the forest sector, and enhancement ofagricultural policies, the programme is increasing both the extent and quality offorest cover in collaboration with local communities.
The FCPF is a global partnership of governments,businesses, civil society, and Indigenous Peoples' organisations focused onreducing emissions from deforestation and forest degradation, forest carbonstock conservation, the sustainable management of forests, and the enhancementof forest carbon stocks in developing countries, activities commonly referredto as REDD . Launched in 2008, the FCPF has worked with 47 developingcountries across Africa,Asia, and Latin America and the Caribbean, along with 17 donors that have made contributions andcommitments totaling 1.3 billion USD./.
VNA
