In 2023, Vietnam achieved a significant milestone by selling 10.3 million forest carbon credits, equivalent to 10.3 million tonnes of CO2, for USD51.5mn through the World Bank. This sale was part of the Emission Reductions Payment Agreements (ERPA) in the north-central region, signed in 2020 between the World Bank and the Ministry of Agriculture and Rural Development. The first ERPA installment of USD41.2mn was paid in August 2023, with the remaining USD10.3mn to be paid upon the completion of the CO2 transfer. The World Bank confirmed emission reduction results for the north-central region, totaling 16.21 million tonnes of CO2. Vietnam exceeded its forest planting targets in 2023, with total revenue from forest environment services surpassing USD169mn.

Source: ESGNewsasia