September 27, 2017 | 20:03 (GMT+7)
Vietnam strives to be paid for emissions reduction efforts
A conference was held in Hanoi on September 27 to collect final ideas to complete the Emissions Reductions Program Document (ER-PD) in the Northern Central region before it is sent to the Forest Carbon Partnership Facility (FCPF) in late November and is defended at the Carbon Fund’s meeting in December.
The ER-PD in the Northern Central region is the first regional-level project implemented by the Reducing Emissions from Deforestation and Forest Degradation (REDD+) program in Vietnam, with a hope to reduce gas emissions and intensify the absorption of around 33.06 million tons of carbon dioxide equivalent.
The FCPF, through the World Bank, committed to paying for emissions reduction efforts with USD 60 million for 10.3 million tons of carbon dioxide equivalent from 2018 to 2024.
Nguyen Van Ha, Deputy Head of the Vietnam Administration of Forestry, hailed the significance of the ER-PD in the Northern Central region as it helps people understand more about the importance of forests.
If the document is approved by the FCPF, Vietnam and the World Bank, which represents the FCPF, will negotiate and sign an Emissions Reduction Purchase Agreement (ERPA), thus contributing to implementing the national action program on REDD+ and the target program on sustainable forest development, and to showing Vietnam’s efforts to reduce greenhouse gas emissions.
The ER-PD will be carried out in Thanh Hoa, Nghe An, Ha Tinh, Quang Binh, Quang Tri and Thua Thien-Hue in the Northern Central region whose forest coverage is 57 percent or 2.9 million hectares.
Source: VNA