Vietnam managed to acquire financing in the quantity of USD 41.2 million, which is 80% of the required amount. The funding was provided by the World Bank in recognition of Vietnam’s outstanding efforts to cut back greenhouse gas emissions from deforestation and forest degradation by 2025.
This sensible achievement was announced by Tran Quang Bao, the visionary head of the Forestry Department of the Ministry of Agriculture and Rural Development (MARD). During a workshop in Hanoi on September 27, Bao revealed one other change in Vietnam’s environmental commitments.
Thanks to the Emissions Reduction Payment Agreement (ERPA) signed between Vietnam and the World Bank’s Carbon Partnership Facility (FCPF) in October 2020, Vietnam has the chance to earn as much as $51.5 million if it successfully reduces carbon emissions by 10 .3 million tons from six provinces of the North Central Region.
Vietnam’s commitment to environmental protection doesn’t end there. At the United Nations Climate Change Conference (COP26) in Glasgow, MARD further strengthened its commitment by signing a Memorandum of Understanding with the Dynamic Organization for Forest Finance (Emergent), which serves because the custodian of the LEAF (Leadership in Emissions Reduction Through Accelerated Forest Finance) Coalition . The LEAF initiative was presented to a wide range of stakeholders, including local governments, ethnic minority groups and socio-political organizations.
The agreement enables Vietnam to reallocate 5.15 million tonnes of carbon dioxide emission reductions from dense forests within the Central and Southern Highlands between 2022 and 2026, price $51.5 million. These areas cover roughly 4.29 million hectares of forest, which constitutes 29% of the country’s total forest area.
Vietnam reaffirmed its commitment to the international community within the fight against climate change. This is reflected in actions corresponding to the signing of the Paris Agreement on climate change in 2015, which goals to attain net zero emissions by 2050, and participation in initiatives corresponding to Reducing Emissions from Deforestation and Forest Degradation (REDD) and the Glasgow Leadership Declaration on forests and forest degradation Land development.
In its Nationally Determined Contribution (NDC) report, Vietnam goals to cut back emissions by 15.8%, reminiscent of 146 million tons of carbon dioxide. With international support, this could possibly be increased to 43.5%, or 403 million tonnes.
Source: vietnamplus.vn
