New resources for forest protection
Vietnam has entered the world’s carbon credit trading market after a long period striving for sustainable forest management. This is a major event, marking a positive start in mobilising new resources for forest protection and improving forest quality and sustainable forest management, thereby helping Vietnam realise its climate targets.
The Forest Carbon Partnership Facility pledged to purchase 10.3 million tonnes of carbon dioxide emissions from six northern central provinces of Thanh Hoa, Nghe An, Ha Tinh, Quang Binh, Quang Tri, and Thua Thien Hue, at US$ 51.5 million in total, via the Emission Reductions Payment Agreement (ERPA) in the 2018-2024 period, which was recently signed between the World Bank (WB) and the Ministry of Agriculture and Rural Development.
