Vietnam has achieved a significant milestone in its efforts to combat climate change, becoming the first country in the East Asia Pacific region to receive a payment of $51.5 million from the World Bank for verified emissions reductions. This payment, facilitated through the Forest Carbon Partnership Facility (FCPF), is a recognition of Vietnam’s successful initiatives in reducing deforestation, forest degradation, and enhancing carbon storage through reforestation and afforestation.
The payment, covering the period from February 2018 to December 2019, is based on the reduction of 10.3 million tonnes of carbon emissions, marking the largest single payment for verified and high-integrity carbon credits by the FCPF to date. These funds are expected to benefit over 70,000 forest owners and 1,300 neighboring communities, as part of a comprehensive benefit-sharing plan developed through consultation and transparency.
Vietnam’s Minister of Agriculture and Rural Development, Le Minh Hoan, hailed the success of the REDD program, emphasizing its alignment with the country’s commitments under the Paris Agreement while emphasizing the importance of biodiversity conservation.
The positive outcomes of Vietnam’s emission reduction program have exceeded expectations, with a total of 16.2 million tonnes of verified emission reductions achieved, surpassing the initial target by 5.9 million tonnes. This success has prompted the World Bank to issue a call option notice to acquire an additional 1 million tonnes of emission reductions beyond the agreed contract volume.
The protected areas under Vietnam’s emission reduction program cover 3.1 million hectares of tropical forests, which play a crucial role in biodiversity conservation and support numerous forest-dependent communities, including ethnic minorities. Moreover, these forests are integral to internationally recognized conservation corridors, highlighting their ecological significance.
The emission reduction program in Vietnam represents a multifaceted approach, incorporating enhanced forest management practices, strategic investments in the forestry sector, and the refinement of agricultural policies. By actively engaging local communities, the program aims to expand both the coverage and quality of forested areas, contributing to sustainable development and poverty alleviation in the region.
The Forest Carbon Partnership Facility, launched in 2008, has been instrumental in supporting developing countries’ efforts to reduce emissions from deforestation and forest degradation. With contributions totaling $1.3 billion from 17 donors, the FCPF has collaborated with 47 countries across Africa, Asia, and Latin America and the Caribbean, fostering partnerships between governments, businesses, civil society, and Indigenous Peoples’ organizations to address climate change challenges.
