Vietnam receives US$51.5mil from World Bank for carbon credits

HANOI: Vietnam has received a US$51.5 million payment from the World Bank for verified emissions reductions, commonly referred to as carbon credits, for reducing 10.3 million tonnes of CO2 in the 2018-2024 period, reported Xinhua quoting a local media report Wednesday (April 3), citing the Ministry of Agriculture and Rural Development.

Tran Quang Bao, director of the ministry's Department of Forestry, said 80 per cent of the sum had been distributed to six north central provinces and the remaining 20 per cent would be distributed to localities in the next one to two months.