return icon Vietnamnet.vn

Vietnam transfers 5 million tons of CO2 to get US$52 million for forest protection

The Ministry of Agriculture and Rural Development has signed an agreement with EMERGENT on the transfer of emission reductions.

 

Vietnam will transfer to the Lowering Emissions by Accelerating Forest Finance (LEAF) Coalition 5.15 million tons of CO2 as a result of emission reduction from forests in the South-Central region and Central Highlands in the 2022-2026 period in order to receive nearly US$52 million for forest protection and development.

 

{keywords}

 

 

The Ministry of Agriculture and Rural Development of Vietnam has signed a Letter of Intent with the Organization for Forest Financial Enhancement (EMERGENT) - the trustee of the Lowering Emissions by Accelerating Forest finance (LEAF) Coalition on the transfer of emission reductions.

LEAF/EMERGENT will pay for this service with a minimum price of 10 USD/ton CO2 with a total value of $51.5 million. The area of registered emission reduction commercial forest is 4.26 million hectares, including 3.24 million hectares of natural forest and 1.02 million hectares of planted forest.

Under the agreement, Vietnam will transfer the greenhouse gas (Co2) absorption from 4.26 million hectares of forests in the South Central and Central Highlands to LEAF in exchange for financial investment for forest protection and development.

The two sides will continue to negotiate and develop content with the goal that within 12 months after the signing of this agreement, Vietnam will prepare to sign an Emission Reduction Purchase Agreement (ERPA) with LEAF/EMERGENT.

ERPA is a new tool to encourage sustainable forest management on a large scale and to help connect countries to other sources of climate financing. This is also Vietnam's effort to join the initiative at COP26, to fulfill its commitments in the Paris Agreement on climate change.

Vietnam is the first country in the Asia-Pacific and one of the first four countries besides Costa Rica, Ecuador and Ghana to sign a Letter of Intent with LEAF/EMERGENT.

LEAF is a public-private alliance that seeks to end tropical deforestation and significantly reduce global greenhouse gas emissions by providing money to protect tropical and subtropical forests.

Emegent is a US-based non-profit organization that serves as LEAF’s coordinator and works with LEAF participants and rainforest nations to create a new market with large-scale transactions of carbon credits at provincial, regional and national levels.

Le Ha

Vietnamese PM receives leaders of global economic groups on sidelines of COP26

Vietnamese PM receives leaders of global economic groups on sidelines of COP26

Prime Minister Pham Minh Chinh said Vietnam’s attendance at COP26 once again affirms its commitment to cutting carbon emissions to zero by 2050, and calls for fairness and justice in climate change issues.

Setting the course for emissions cuts

Setting the course for emissions cuts

While the necessary course for a greener and more sustainable future in global energy policies seems set, Vietnam’s energy transition faces budgetary and capacity challenges, both of which need to be overcome with suitable solutions.

MORE NEWS

New generation FTAs fuel US$750 billion trade hope in 2022

Vietnam has signed 15 free trade agreements (FTAs), including several new generation FTAs, a move which is anticipated to create a breakthrough in trade and produce a large trade surplus in the year ahead.

Vietnamese firms’ outbound investment doubles in five months

Vietnamese enterprises poured over US$293 million into their new projects abroad over the past five months, double the investment made in the same period last year, according to statistics of the Ministry of Planning and Investment.

It’s time to promote the development of REITs: association

Vietnam needs to improve the legal framework to promote the development of real estate investment trusts (REITs) to add capital to the property market while bank credit and corporate bond issuance were being tightened.

How much can doctoral degree holders earn in Vietnam?

A monthly income of VND8 million revealed by a lecturer at the Hanoi National University has stirred up the public.

Joining world logistics passport to facilitate VN's trade

Joining the world logistics passport (WLP) initiative could help enterprises reduce logistics costs and increase competitiveness for exports.

Vietnamese female director’s film project invited to Cannes Film Festival

Tam van phong dao (Knife Throwing Board ) of female director Nguyen Phan Linh Dan is the only developing film project from Southeast Asia invited to attend La Fabrique at the 2022 Cannes Film Festival scheduled to take place from 17 to 28 May 2022.

Real estate brokers scramble to get licences to avoid big fines

The number of real estate brokers flocking to get licences to avoid punishment has skyrocketed.

Experts argue about history requirement, teachers and students wait for decision

History teachers and headmasters of high schools said they are impatient to know the results of the arguments about the teaching of history as the new academic year nears.

Japan to welcome back foreign tourists but not from Vietnam

The Japan National Tourism Organization (JNTO) announced that the Japanese Government had decided to welcome back international visitors from June 10, but Vietnamese will still be restricted from traveling to Japan.

Glass-walking bridge in Moc Chau wins Guinness world record

The Guinness World Records has announced that the Bach Long (White Dragon) glass walking bridge in Vietnam's northern province of Son La is the world's longest glass-bottomed bridge.

VIETNAM NEWS HEADLINES MAY 29

Tan Son Nhat airport flights delayed due to rain

VIETNAM BUSINESS NEWS MAY 28

FDI disbursement up 7.8 percent in five months

High costs and legal impasses hinder LNG energy development in Vietnam

Too many variables and over-reliance on imports have been hindering Viet Nam's plan to build power plants running on liquefied natural gas (LNG), industry experts have said.

Three Vietnamese military officers awarded UNHQ medal

The United Nations on May 26 awarded its medal to three officers of the Vietnam People’s Army who are working at this organization’s headquarters in New York, USA, on Peacekeeper’s Day (May 29).

Trade revenue set to eclipse 700 billion USD this year

Free trade agreements (FTAs) spurred Vietnam’s bilateral and multilateral trade, with 2022 revenues projected to hit a record 750 billion USD, according to experts.
back_to_top