Vietnam generates $41 million from forest carbon credits under World Bank agreement
![Vietnam earns $41M from World Bank forest carbon credits.](https://sustainabilityeconomicsnews.com/wp-content/uploads/2023/12/sabah_aerial_1788_22_header-e1675790787802-1.webp)
Vietnam has reported earnings exceeding $41 million from the sale of forest carbon credits, marking the successful execution of an emission reduction agreement with the World Bank, as detailed by Vietnam News on Monday.
This milestone represents Vietnam’s inaugural achievement in implementing an emission reduction pact, signifying a significant stride in forest management, preservation efforts, and the enhancement of local livelihoods, according to the report.
The generated funds have been disbursed to six provinces in the north-central region of Vietnam.
The objective is to remunerate forest owners, local residents, and communities engaged in the supervision, preservation, and expansion of forested areas.
These six provinces collectively oversee more than 3.1 million hectares of land enveloped by forests.
The allocation of funds aims to incentivize and empower these regions in sustaining and nurturing their forested territories.
Having witnessed the success of the pilot program that incentivizes emissions reduction in these provinces, several other localities across Vietnam, boasting extensive expanses of well-preserved natural forests, are gearing up to adopt and implement similar initiatives in the near future.
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