Vietnam receives US$51.5mil in carbon credits from World Bank, biggest to date

A Forest Stewardship Council (FSC)-certified forest in the central province of Quang Bình. — VNA/VNS

HANOI: Vietnam has received a US$51.5 million payment for verified emissions reductions - commonly referred to as carbon credits - for reducing deforestation and forest degradation (REDD+) and for enhancing carbon stored in forests through reforestation and afforestation, according to a World Bank's press release on Thursday (March 21).

The payment made to Vietnam, making it the first country in the East Asia Pacific region to receive a results-based payment from the World Bank’s Forest Carbon Partnership Facility (FCPF), was for reducing 10.3 million tonnes of carbon emissions in the period spanning Feb 1, 2018 and Dec 31, 2019.