Enviro News Asia, Viet Nam — Viet Nam will receive nearly $72 million in results-based payments for reducing emissions in the forest sector under the REDD+ mechanism approved by the Green Climate Fund (GCF).
The funding proposal was prepared by the Japan International Cooperation Agency (JICA) in collaboration with the Vietnamese government. The program recognizes verified reductions in greenhouse gas emissions achieved through forest conservation and restoration efforts.
Under the initiative, Viet Nam will receive $71.96 million, equivalent to approximately VND 1.9 trillion. The payments correspond to independently verified emission reductions resulting from decreased deforestation and forest degradation, alongside increased forest carbon stocks through reforestation and natural forest recovery.
The project will support policy and institutional improvements while strengthening forest protection and management systems. It also aims to address key drivers of deforestation, promote sustainable forest management, and enhance livelihoods for local communities.
Implementation will be led by the Ministry of Agriculture and Environment in coordination with provincial authorities. The six-year program will focus on northern mountainous provinces, including Dien Bien, Lai Chau, Lao Cai, Son La, Phu Tho, and Tuyen Quang.
Previously, in 2023, Viet Nam generated $51.5 million from the sale of 10.3 million forest carbon credits through the World Bank, demonstrating the country’s growing role in carbon markets.
The new GCF funding is expected to strengthen Viet Nam’s efforts to meet its net-zero emissions targets, while supporting climate mitigation and adaptation measures and improving economic opportunities for communities in forest-dependent regions. (*)
