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WB commits to provide 60 million VND for Vietnam to reduce emissions

(02:14:01 PM, 23/09/2017)

The World Bank (WB) has committed to provide 60 million USD for Vietnam to implement the Reducing Emissions from Deforestation and Forest Degradation (REDD +) program.

Six provinces, including: Thanh Hoa, Nghe An, Ha Tinh, Quang Binh, Quang Tri and Thua Thien Hue will be the beneficiaries of this project during the 6-year implementation, from 2019 to 2025.

However, Viet Nam is only paid for its efforts to reduce emissions after the clear and transparentresults. So the funding sources for the implementation of the North Central coast emissions reduction program should be allocatedfrom the existing programs and projects such as payments for forest environmental services (on an area of 598,423 hectares in the North Central region); National target program for sustainable forestry development (2016-2020); Sustainable poverty alleviation program; New rural program; Forest Sector Modernization and Coastal Resilience Enhancement Project implemented in 6 provinces of the North Centralregion (World Bank - 150 million USD); Green climate fund project (UNDP - 11.5 million USD), etc.

In order to carry out this process, on September 27, in Hanoi, the project "The UN-REDD Viet Nam Phase II Programme" will organize a national consultation workshop on Emission Reduction Program Document in the North Central Coast of Vietnam(ERPD) to collect comments before finalizing the Forest Carbon Partnership Facility (FCPF) in November 2017 and prepare for defensing with the international communityin December this year.

If the defense session is successfully and the FCPF approves ERPD, Vietnam will proceed to negotiate and sign theemissions reduction scheme to implement the program.