Nghe An could earn more than 10 million USD from reducing greenhouse gas emissions

(Baonghean,vn) - If Vietnam's emission reduction program is approved by member countries in December 2017, the Carbon Fund entrusted by the World Bank (WB) is expected to purchase 10.3 million tons of carbon from Vietnam (expected price of 5 USD/ton), Vietnam will collect more than 51 million USD, Nghe An alone will collect more than 10 million USD.

Pu Mat National Park still has many primeval forests. Photo: Van Truong.

The Emission Reduction Program (ER-PD) is implemented in 6 provinces in the North Central region including Thanh Hoa, Nghe An, Ha Tinh, Quang Binh, Quang Tri and Thua Thien Hue. The program is designed based on 5 requirements: Addressing the causes (direct and indirect) of deforestation and forest degradation; Consistent with and contributing to national strategies and policies; “Ambitious” but “realistic”; Payment based on results; Self-financing for investment implementation.

ER-PD consists of 4 components, 10 sub-components and 28 main activities, designed based on the results of the consultation process with stakeholders from the central to local levels, including the community.

Nghe An province in particular focuses on 89 communes of 13 districts including: Anh Son, Con Cuong, Dien Chau, Do Luong, Ky Son, Nghia Dan, Que Phong, Quy Chau, Quy Hop, Tan Ky, Thanh Chuong, Tuong Duong and Yen Thanh.

Forest rangers patrol to protect Pu Mat forest in Chau Khe commune, Con Cuong. Photo: Van Truong.

Nghe An's overall goal is to reduce greenhouse gas emissions from deforestation and forest degradation by 15% (equivalent to a reduction of 4,000 hectares of lost forest and 4,500 hectares of degraded forest) and increase carbon stocks absorbed from forests in the period 2016 - 2020 in the province. Mobilize domestic and international resources to participate in forest protection and development in localities for socio-economic development, environmental protection and sustainable forest development.

A representative of the REDD+ Project (Reducing Greenhouse Gas Emissions from Deforestation and Forest Degradation) in Nghe An said: With the existing and well-protected forest area in Nghe An until 2025, it is expected that the Carbon Fund by the World Bank (WB) will pay Nghe An over 10 million USD.

This program is benefiting Nghe An people, helping the province to gain revenue from carbon funds to develop renewable energy; taking advantage of more opportunities to use carbon emission reduction credits to serve economic development and disaster mitigation goals.

Not to mention, this program also has special significance in helping Nghe An people become more aware of the importance of forests, not only in economic terms, but also in realizing international commitments on reducing greenhouse gas emissions and responding to climate change.

Van Truong