80% of Vietnam’s Carbon Credit Revenues Distributed to 6 Localities
As many as 80% of the World Bank’s $51.5-million payment for Vietnam’s verified emissions reductions (carbon credits) has been distributed to six north-central localities, said Mr. Tran Quang Bao, head of the Ministry of Agriculture and Rural Development’s Forestry Department.
The remaining 20% of the revenues for reducing 10.3 million tons of CO2 in 2018-2024 will be distributed to the localities in the next one-two months.
Mr. Bao also stated that the government issued a decree on piloting the transfer of emission reduction results and financial management of greenhouse gas emission reduction payment agreements in the north-central region. Recently, the MARD issued a benefit-sharing plan and is organizing training to distribute that benefit to localities, with communities, ethnic minorities, and forest keepers as the main beneficiaries.