Vietnam has successfully sold 10.3 million tons of CO2 in carbon credits to the World Bank for USD51.5mn. The credits originate from north-central Vietnam's forests, as outlined in the Emissions Reduction Purchase Agreement signed between the World Bank and Vietnam's agriculture ministry in October 2020. The World Bank has already paid USD41.2mn, and the remaining USD10.3mn will be paid upon completion of the exchange. The Ministry of Agriculture is considering selling additional credits for 4.91 million tons, and the World Bank is interested in purchasing an extra one million tons. The revenue will support forest protection, conservation, and livelihood enhancement in north-central provinces.

Source: Carbonherald