Forest carbon market holds substantial potential for forest protection and development
(VOVWORLD) - The forest carbon market holds substantial revenue potential for the forestry sector, facilitating investment in forest protection, job creation, and improvements in local income and environmental quality, according to a workshop held Thursday by the Forestry Department of the Ministry of Agriculture and Rural Development and the Vietnam Association of Agricultural Economics and Rural Development.
 (Photo: VOV) |
Vietnam is implementing a program of the Emission Reductions Payment Agreement in partnership with the World Bank, which resulted in the transfer of 10.3 million tons of CO2 and generated 51.5 million USD during the 2018-2019 period across six north central provinces.
Mr. Tran Quang Bao, Director of the Forestry Department, said they have proposed that the government issue mechanisms and policies, implement pilot projects, establish standards and regulations, and issue carbon credits for specific localities. “We’re also mobilizing financial resources, particularly international support, for this effort.”
The Ministry of Agriculture and Rural Development is preparing documentation for the Prime Minister's approval for negotiating an emission reduction purchase agreement with the Emergent Forest Finance Accelerator, which will cover 11 Central Highlands and south central provinces, Mr. Bao said.