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WB commits $51.5mn for Vietnam to reduce CO2 emissions from deforestation, forest degradation

Friday, October 23, 2020, 17:24 GMT+7
WB commits $51.5mn for Vietnam to reduce CO2 emissions from deforestation, forest degradation
This file image displays people planting forest trees in Vietnam. Photo: Tuoi Tre

Vietnam’s Ministry of Agriculture and Rural Development signed an agreement on Thursday with the World Bank’s Forest Carbon Partnership Facility (FCPF), unlocking up to US$51.5 million for Vietnamese efforts to reduce carbon emissions from deforestation and forest degradation between now and 2025, the bank said in a press release the same day.

With this Emission Reductions Payment Agreement (ERPA) in place, Vietnam is expected to reduce 10.3 million tons of carbon dioxide emissions from six north-central provinces, namely Thanh Hoa, Nghe An, Ha Tinh, Quang Binh, Quang Tri, and Thua Thien Hue to receive the $51.5 million fund from the FCPF.

“Vietnam has shown tremendous leadership in developing robust programs to deliver forest emission reductions at scale,” said Carolyn Turk, World Bank country director for Vietnam.

“This agreement marks the beginning of a new chapter for Vietnam, where new and significant incentives for forest protection and improved management are now in place to help the country meet its ambitious climate targets.”

Vietnam’s Emission Reductions Program is designed to address the underlying causes of forest loss in the country’s north-central region in order to reduce emissions from deforestation and forest degradation, the press release said.

The program will also support forest restoration.

The region was chosen for its critical biodiversity importance and socio-economic status.

Including five internationally recognized conservation corridors, the program area covers 5.1 million hectares of land, which is 16 percent of the land area of the country, 3.1 million hectares of which is currently forested.

It is home to approximately 10.5 million people, nearly one-third of whom live below the nation’s poverty line.

“Vietnam’s program follows a preparation phase that built our readiness to engage in an emission reduction payment agreement of this kind and is a step toward the full implementation of forest carbon services in Vietnam,” said Ha Cong Tuan, standing Vice-Minister of Agriculture and Rural Development.

“This agreement highlights the collaboration between Vietnam, the FCPF, and the World Bank to meet international climate targets laid out in the Paris Agreement.

“Our program will mobilize important additional financing to invest in our forests and reduce forest degradation while generating income for forest owners and improving sustainable development in the north-central region.”

Vietnam is the first country in Asia-Pacific and fifth globally to reach such a milestone agreement with the FCPF.

ERPAs are innovative instruments that incentivize sustainable land management at scale and help to connect countries with other sources of climate financing.

The resources from the FCPF provide new opportunities to conserve and regenerate forest landscapes and biodiversity while simultaneously supporting sustainable economic growth, which is critical for Vietnam’s development going forward.

The Forest Carbon Partnership Facility is a global partnership of governments, businesses, civil society, and Indigenous Peoples' organizations focused on reducing emissions from deforestation and forest degradation, forest carbon stock conservation, the sustainable management of forests, and the enhancement of forest carbon stocks in developing countries, activities commonly referred to as REDD+.

Launched in 2008, the FCPF has worked with 47 developing countries across Africa, Asia, and Latin America and the Caribbean, along with 17 donors that have made contributions and commitments totaling $1.3 billion.

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