WB commits 40 million USD in carbon credits for Vietnam's project on rice growing
(VOVWORLD) - The World Bank has committed 40 million USD in carbon credits for Vietnam's project on growing one million hectares of high-quality and low-emission rice associated with green growth in the Mekong Delta.
 WB commits 40 million USD in carbon credits for Vietnam's project on rice growing |
This initiative is being implemented across 12 provinces and cities in the region. Recently, a pilot area in Can Tho demonstrated reduced greenhouse gas emissions while increasing incomes for local farmers, and received high praise from experts and international organizations.
Li Guo, Senior Expert in Agricultural Economics at the World Bank, said the project enhances income from rice cultivation and boosts the competitiveness of Vietnam's rice industry value chain while addressing climate change challenges.
Li Guo stated that the World Bank is working with the Ministry of Agriculture and Rural Development and the International Rice Research Institute to provide financial and technical resources for the project's pilot phase.
The World Bank has committed a 350 million USD loan for the project and will also mobilize 40 million USD in carbon credits to support farmers participating in the project.