(VOVWORLD) -Vietnam has received 51.5 million USD from the World Bank for verified emissions reductions – a.k.a. carbon credits – of 10.3 million tons of CO2 in the 2018-2024 period, according to Tran Quang Bao, Director of the Department of Forestry of the Ministry of Agriculture and Rural Development (MARD).
 Tran Quang Bao, Director of the Department of Forestry of the Ministry of Agriculture and Rural Development (Photo:bnews.vn/VNA) |
At the Ministry’s quarterly press conference on Monday, Bao said 80% of the payment has been distributed to six north central provinces, and the remaining 20% will be distributed in the next month or two for forest protection.
The Emission Reductions Payment Agreement (ERPA) was signed on October 22, 2020, between the MARD and the International Bank for Reconstruction and Development (under the World Bank Group as the Trustee of the Forest Carbon Partnership Facility).
According to the MARD, the World Bank has confirmed emission reductions of 16.2 million tons of CO2 in the north central region in 2018 and 2019, which means an additional 5.9 million tons need to be paid.
The World Bank has agreed to buy 1 million more tons. The MARD is looking for partners that need the carbon credits, to ensure national interests and mobilize additional resources for forest protection and development in the north central region.