Hanoi (VNA) - Vietnam will be the fifth partner in the ForestCarbon Partnership Facility (FCPF) and the first in the Asia-Pacific regionto sign an Emissions Reduction Purchase Agreement(ERPA), according to Standing Deputy Minister of Agriculture and Rural DevelopmentHa Cong Tuan.

As part of efforts to implement the 2015 Paris Agreement on climate change, Vietnamnegotiated with the FCPF, which entrusted the World Bank (WB) to coordinate andnegotiate directly with the country to prepare for the signing of the agreement.

Under the terms, if Vietnam fully implements its commitment under which the country’snorth central localities namely Thanh Hoa, Nghe An, Ha Tinh, Quang Binh, QuangTri and Thua Thien – Hue, will reduce CO2 emissions by 10.3 million tonnes, the FCPF will pay Vietnam 51.5 million USD.

Signing the agreement demonstrates Vietnam’s determination to reduce deforestationand forest degradation.

It also means that the country can implement a mechanism to calculate reductionsin greenhouse gas emissions, contributing to its efforts to improve forest protectionand management, and at the same time, secure a new financial source for thework.

Tuan said that after signing the ERPA, the Ministry of Agriculture and Rural Developmentwill have to issue a detailed plan to implement the agreement.

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

Vietnam has been highly regarded by the international community in recent timesfor its determination to increase its forest coverage. The country is working torestore and improve the volume, quality, and biodiversity of natural forests, aswell as applying new technologies to increase productivity and the quality of plantedforests, towards enhancing the capacity to absorb carbon.

Vietnam is a member of the UN Framework Convention on Climate Change and has pledgedto cut greenhouse gas emissions by 8 percent by 2030. If it receives effective cooperationfrom other countries and international support, it could cut up to 25 percent ofemissions.

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

In 2018, the FCPF recognised that Vietnam had basically completed the preparatoryphase to reduce greenhouse gas emissions in line with the “Reducing Emissions from Deforestation and Forest Degradation” (REDD+) internationalframework.

The Ministry of Agriculture and Rural Development signed a letter of intent withthe FCPF and moved to a new phase of results-basedpayments towards a full carbon credit market.

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

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