Vietnam to sign emissions reduction purchase agreement
Vietnam will be the fifth partner in the Forest Carbon Partnership Facility (FCPF) and the first in the Asia-Pacific region to sign an Emissions Reduction Purchase Agreement (ERPA), according to Standing Deputy Minister of Agriculture and Rural Development Ha Cong Tuan.
As part of efforts to implement the 2015 Paris Agreement on climate change, Vietnam negotiated with the FCPF, which entrusted the World Bank (WB) to coordinate and negotiate directly with the country to prepare for the signing of the agreement.
Under the terms, if Vietnam fully implements its commitment under which the country’s north central localities namely Thanh Hoa, Nghe An, Ha Tinh, Quang Binh, Quang Tri and Thua Thien – Hue, will reduce CO2 emissions by 10.3 million tonnes, the FCPF will pay Vietnam 51.5 million USD.
Signing the agreement demonstrates Vietnam’s determination to reduce deforestation and forest degradation.
