New Delhi: Vietnam has received a $51.5 million payment from the World Bank for verified carbon emissions reductions in a scheme aimed at protecting tropical forests.
The payment, announced on Thursday, is the largest ever made by the World Bank’s Forest Carbon Partnership Facility for verified and high integrity carbon credits, and will benefit 70,055 forest owners and 1,356 communities near the forest.
The money will be distributed via a consultative, participatory, and transparent process, in line with Vietnam’s commitments under the Paris Agreement on climate change.
“The success of this REDD+ program brings Vietnam closer to delivering on our ambitious Nationally Determined Contributions under the Paris Agreement, while protecting areas of vital importance to biodiversity conservation,” said Vietnam Minister of Agriculture and Rural Development Lê Minh Hoan.
The programme, which aims to enhance carbon storage in forests through reforestation and afforestation, is expected to generate 16.2 million verified emission reductions between 2018 and 2019, which is 5.9 million more than the 10.3 million tonnes contracted under the Emission Reduction Payment Agreement.
The World Bank has also issued a call option notice to buy an additional one million emission reductions beyond the contracted amount, in a move that will help Vietnam achieve its climate targets.