XINHUA – Vietnam has received a USD51.5 million payment from the World Bank for verified emissions reductions, commonly referred to as carbon credits, for reducing 10.3 million tonnes of carbon dioxide in the 2018-2024 period, local media reported yesterday, citing the Ministry of Agriculture and Rural Development.
Director of the Ministry’s Department of Forestry Tran Quang Bao said 80 per cent of the sum had been distributed to six north central provinces and the remaining 20 per cent would be distributed to localities in the next one to two months. The localities will allocate the money to people and communities that signed contracts for projects to protect forests.
Vietnam has 14.79 million hectares of forest areas with a land coverage rate of 42 per cent.
The forestry production value grows stably at a rate of 4.6 per cent with revenue from environmental protection services being close to VND11 trillion (USD440 million), according to the ministry.
Last year, Vietnam, for the first time, sold more than 10 million carbon credits for over USD50 million, ranking among 60 countries worldwide with the highest capacity for carbon trade.
