Vietnam to sign on emissions reduction

Content image - Phnom Penh Post
Ha Trung district’s rangers inspect the pine forest in Ha Trung township in the Vietnamese central province of Thanh Hoa, to prevent fire risks ahead of the dry season. VIETNAM NEWS AGENCY/VIET NAM NEWS

Vietnam will be the fifth partner in the Forest Carbon Partnership Facility (FCPF) and the first in the Asia-Pacific region to sign an Emissions Reduction Purchase Agreement (ERPA), according to Deputy Minister of Agriculture and Rural Development Ha Cong Tuan.

As part of efforts to implement the 2015 Paris Agreement on climate change, Vietnam negotiated with the FCPF, which entrusted the World Bank to coordinate and negotiate with the country to prepare for the signing of the agreement.

Under the terms, if Vietnam fully implements its commitment for north-central localities Thanh Hoa, Nghe An, Ha Tinh, Quang Binh, Quang Tri and Thua Thien-Hue to reduce CO2 emissions by 10.3 million tonnes, the FCPF will pay Vietnam $51.5 million.

Signing the agreement is part of Vietnam’s efforts to reduce deforestation and forest degradation.

It also means the country can implement a mechanism to calculate reductions in greenhouse gas emissions, contributing to its efforts to improving forest protection and management, and at the same time, secure a new financial resource for the work.

Tuan said that after signing the ERPA, the ministry will have to issue a detailed plan to implement the agreement.

He underlined the importance of reducing forest degradation and increasing the area and quality of forests.

Vietnam is working to restore and improve the volume, quality and biodiversity of natural forests, as well as applying new technologies to increase productivity and the quality of planted forests, towards enhancing the capacity to absorb carbon.

The country is a member of the UN Framework Convention on Climate Change and has pledged to cut greenhouse gas emissions by eight per cent by 2030. If it receives effective cooperation from other countries and international support, it could cut up to 25 per cent of emissions.

In this initiative, Vietnam has worked closely with the FCPF and many other organisations to reduce greenhouse gas emissions and has 10 years to prepare for a carbon credit mechanism.

In 2018, the FCPF recognised Vietnam had basically completed the preparatory phase to reduce greenhouse gas emissions in line with the ‘Reducing Emissions from Deforestation and Forest Degradation’ (REDD+) international framework.

The ministry signed a letter of intent with the FCPF and moved to a new phase of results-based payments towards a full carbon credit market.

REDD+ is an international initiative aimed at providing financial and technical assistance for developing countries, to help reduce greenhouse gas emissions and mitigate the impact of climate change via efforts against deforestation and forest degradation.

Vietnam has participated in REDD+ since 2008 and more than 45 related projects have been implemented in the country to date.

VIET NAM NEWS/ASIA NEWS NETWORK