Forestry is now the only sector capable of achieving net negative emissions, thanks to the Government’s forestry development policies, including the closure of natural forests, forest protection and development, coupled with international sponsorship, said Director of the Forestry Department Tran Quang Bao.
Bao was speaking at a workshop co-hosted by the Forestry Department under the Ministry of Agriculture and Rural Development and the Vietnam Association of Agricultural Economics and Rural Development (VIESARD), and sponsored by Forest Trends and UK PACT on October 3.
He highlighted the success of the Emission Reductions Payment Agreement (ERPA) in partnership with the World Bank, which resulted in the transfer of 10.3 million tonnes of CO2 and generated 51.5 million USD during the 2018-2019 period across six north central provinces.
Currently, the Ministry of Agriculture and Rural Development is preparing documentation for the Prime Minister’s approval to negotiate and sign an emission reduction purchase agreement with the Emergent Forest Finance Accelerator, which will cover 11 Central Highlands and south central provinces, the official revealed.
Ha Cong Tuan, former Permanent Deputy Minister of Agriculture and Rural Development and VIESARD Chairman, said with international support, Vietnam successfully calculated total forest emissions reductions of 56-57 million tonnes annually during 2011-2018, laying the groundwork for the first ERPA.
While awaiting the launch of an official carbon market by 2028, he urged the Vietnamese Government to take flexible steps to shape the market.
Experts believe that the forest carbon market holds substantial revenue potential for the forestry sector, facilitating investment in forest protection, job creation, and improvements in local income and environmental quality.
However, financial resources for forestry activities remain limited and unstable, meeting only a fraction of the sector’s needs.
The Forestry Department and VIESARD were urged to collect feedback from agencies, businesses, and experts to drive the sustainable development of the domestic forest carbon market. The cooperation and commitment of all stakeholders will be crucial to the sector’s success in this new context, the workshop heard./.
(VNA)
