(VOVWORLD) -Vietnam's first project to reduce carbon emissions from forests by 10.3 million tons, equivalent to 10.3 million carbon credits in 2023, received 51.5 million USD, said the Ministry of Agriculture and Rural Development.
 The Ministry of Agriculture and Rural Development's Forestry Department meet to review 2023 performance and set out tasks for 2024. Photo: VOV |
Addressing the year-end meeting on Wednesday in Hanoi, Trieu Van Luc, Deputy Director of the Forestry Department, this year the revenue from all types of forest environmental services in Vietnam totaled 170 million USD, of which revenue from carbon absorption and storage services in forestry reached 51.5 million USD.
He said this marks the first year that Vietnam successfully transferred carbon emission reduction.
“In particular, this year Vietnam completed procedures to successfully transfer 10.3 million tons of carbon emission reduction to the Forest Carbon Partnership Facility through the World Bank at a unit price of 5 USD per ton of CO2, equivalent to 51.5 million USD,” Luc said.
In 2023 Vietnam achieved the forest coverage plan of 42% and afforestation target of 225 thousand hectares. Forest product trade surplus reached more than 12 billion USD, according to the Forestry Department.