(VOVWORLD) - Vietnam has received a 51.5 million USD payment for verified emissions reductions for reducing deforestation and forest degradation, commonly known as REDD+, and for enhancing carbon stored in forests through reforestation and afforestation, making it the first country in the East Asia Pacific region to receive a results-based payment from the World Bank's Forest Carbon Partnership Facility (FCPF).
The payment was made to Viet Nam for reducing 10.3 million tons of carbon emissions between 2018 and 2019.
The program generated 16.2 million verified emission reductions between 2018 and 2019, more than the 10.3 million contract volume in the Emission Reduction Payment Agreement.
With its emission reductions in excess of the volume contracted, Vietnam can sell the credits to third party buyers through bilateral agreements or carbon markets. It can also use the excess credits to fulfill its Nationally Determined Contributions (NDC) or keep them for its climate goals.
The success of this REDD+ program brings VietNam closer to delivering on its ambitious NDC under the Paris Agreement, while protecting areas of vital importance to biodiversity conservation, said Vietnam Minister of Agriculture and Rural Development Le Minh Hoan.
The landmark payment also marks another step for Vietnam towards joining the global carbon credit market and opens a new opportunity to finance the country's ambitious climate commitments and targets, World Bank Country Director for Viet Nam Carolyn Turk said.