Vietnam, WB Sign Deal to Cut Carbon Emissions and Reduce Deforestation

Vietnam’s Ministry of Agriculture and Rural Development recently signed a landmark agreement with the World Bank’s Forest Carbon Partnership Facility (FCPF), unlocking up to US$51.5 million for Vietnam’s efforts to reduce carbon emissions from deforestation and forest degradation between now and 2025.

With this Emission Reductions Payment Agreement (ERPA) in place, Vietnam is expected to reduce 10.3 million tons of carbon dioxide emissions from six north central provinces of Thanh Hoa, Nghe An, Ha Tinh, Quang Binh, Quang Tri and Thua Thien Hue to receive US$51.5 million from the FCPF.

Vietnam’s Emission Reductions Program is designed to address the underlying causes of forest loss in the country’s North Central Region and by so doing reducing emissions from deforestation and forest degradation. The program will also support forest restoration.

The region was chosen for its critical biodiversity importance and socioeconomic status. The program area covers 5.1 million ha of land (16% of the land area of the country), of which 3.1 million ha are currently forested, and includes five internationally recognized conservation corridors.

Source: Vietnam Business Forum