World Bank Supports Viet Nam's Emission Reduction Goals with $41.2 Million Funding

World Bank Supports Viet Nam's Emission Reduction Goals with $41.2 Million Funding

Viet Nam has successfully secured $41.2 million in funding, representing 80% of the total required. The funds were provided by the World Bank in recognition of Viet Nam's outstanding efforts to reduce carbon emissions from deforestation and forest degradation by 2025. 

This brilliant achievement was announced by Tran Quang Bao, the visionary head of the Forestry Department under the Ministry of Agriculture and Rural Development (MARD). At a workshop in Hanoi on September 27, Bao revealed another development in Viet Nam's environmental commitments. 

Through the Emissions Reduction Payment Agreement (ERPA) signed between Viet Nam and the World Bank's Forest Carbon Partnership Facility (FCPF) in October 2020, Viet Nam has the opportunity to earn up to $51.5 million if it successfully reduces 10.3 million tons of carbon dioxide emissions from six provinces in the North Central Region.

Viet Nam's environmental zeal doesn't stop there. During the United Nations Climate Change Conference (COP26) in Glasgow, MARD further strengthened its commitment by signing a memorandum of understanding with the Dynamic Organization for Forest Finance (Emergent), which acts as the custodian of the LEAF (Leadership in Emissions Reduction through Accelerated Forest Finance) Coalition. The LEAF initiative was presented to various parties, including local governments, ethnic minority groups, and socio-political organizations.

The agreement allows Viet Nam to transfer 5.15 million tons of carbon dioxide emission reductions from dense forests in the Central and Southern Highlands between 2022 and 2026, valued at $51.5 million. These areas cover approximately 4.29 million hectares of forest or 29% of the country's total forest area.

Viet Nam has reaffirmed its commitment to the international community in the fight against climate change. This is reflected in actions such as signing the Paris Agreement on Climate Change in 2015 with the goal of achieving zero emissions by 2050 and participating in initiatives such as Reducing Emissions from Deforestation and Forest Degradation (REDD) and the Glasgow Leaders' Declaration on Forests and Land Use.

In its Nationally Determined Contribution (NDC) report, Viet Nam aims to reduce emissions by 15.8%, equivalent to 146 million tons of carbon dioxide. This can be increased to 43.5%, or 403 million tons, with international support.


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