(VOVWORLD) - Vietnam, the International Fund for Agricultural Development (IFAD), and the Green Climate Fund (GCF) on Thursday launched the Reduced Emissions through Climate-Smart Agroforestry” (RECAF) project in Buon Ma Thuot, marking a major step toward reshaping the environmental and economic landscape of Vietnam’s Central Highlands and south-central coast.
 Delegates discuss solutions to ensure the project to be implemented effectively. (Photo: Huong Ly/VOV’s correspondent in Central Highlands) |
Called “Achieving Emission Reduction in the Central Highlands and South-Central Coast of Vietnam to Support National REDD+ Action Program Goals,” the 102 million USD project addresses the dual challenges of rising greenhouse gas emissions and forest degradation, while creating sustainable livelihoods for rural communities.
Implemented by the Ministry of Agriculture and Environment in coordination with the provinces of Dak Lak, Gia Lai, Lam Dong, and Khanh Hoa, RECAF sets out a six-year roadmap to cut 6.68 million tons of greenhouse gas emissions, restore and improve 145,000 hectares of agroforestry land, and protect 500,000 hectares of high-value natural forest.
 Pauline Tamesis, UN Resident Coordinator in Vietnam, speaks at the inception workshop. (Photo: Huong Ly/VOV’s correspondent in Central Highlands) |
Pauline Tamesis, UN Resident Coordinator in Vietnam, said the project is expected to directly benefit 420,000 people, while improving the livelihoods of more than one million rural residents.
If successful, the RECAF project could contribute up to half of Vietnam’s emission-reduction target under its Nationally Determined Contribution (NDC). The project’s financing mechanism exemplifies a modern development-finance approach, combining concessional loans with non-refundable grants.
Nguyen Thi Dieu Trinh, Deputy Director of the Department of Debt Management and Foreign Economic Relations at the Ministry of Finance, said, “This demonstrates the Vietnamese Government’s strong commitment to the international community to streamline procedures and use domestic and international resources effectively, thus achieving the greenhouse gas emission reduction targets that Vietnam has committed to internationally.”