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| The World Bank agrees to purchase an additional 1 million tons of CO2 as excess greenhouse gas emission reductions in the north-central region__Photo: VNA |
Vietnam will receive USD 5 million between September and October from the additional transfer of 1 million tons of CO2 to the World Bank under the Government's recent resolution regarding the transfer of excess greenhouse gas emission reductions from the north-central region for the 2018-2019 period.
Le Van Thanh, Deputy Director of the Vietnam Forest Protection and Development Fund, stated that once the funding is received, it will report to the Vietnam Forestry Administration (Vnforest) to submit to the Ministry of Agriculture and Environment for approval of the overall financial plan and the financial plans for 2025 and 2026. This will ensure the timely distribution of ERPA (Emission Reductions Payment Agreement) funds for local areas, in accordance with the provisions of the Government's Decree No. 107/2022/ND-CP.
Regarding the revenue from the pilot transfer of emission reduction results and the financial management of the ERPA in the north-central region, the fund has already received a total of USD 51.5 million (VND 1.256 trillion) from the World Bank. Of this amount, VND 1.213 trillion was distributed to Thanh Hoa, Nghe An, Ha Tinh, Quang Tri, and Hue city.
As of September 12, 2025, VND 975.08 billion had been disbursed by the localities, including VND 28.78 billion for management and VND 946.30 billion for forest owners, reaching 81.28 percent of the approved plan and 80.21 percent of the actual revenue collected.
The ERPA for the north-central region was signed on October 22, 2020 between the Ministry of Agriculture and Rural Development (now the Ministry of Agriculture and Environment) and the World Bank as entrusted by the Forest Carbon Partnership Facility to transfer 10.3 million tons of CO2, a result of greenhouse gas emission reduction over 2.15 million hectares of natural forests in the region during 2018–2024.
With a price of USD 5 per ton of CO2, the transfer generated USD 51.5 million. About 95 percent of the transfer result will be returned to Vietnam to help with its nationally determined contributions to cut emissions.
After that, the World Bank agreed to purchase an additional 1 million tons of CO2 as excess greenhouse gas emission reductions.- (VNA/VLLF)
