Vietnam Capable of Earning $200M Annually from Carbon Credit Sales: Dept.
Vietnam is capable of selling around 40 million carbon credits for $200 million in revenue annually, the Ministry of Agriculture and Rural Development (MARD)’s Department of Forestry calculated.
Vietnam is set to transfer to Emergent, a non-profit intermediary engaging between tropical forest countries and the private sector to mobilize finance to support emissions reductions in deforestation, 5.15 million tons of carbon dioxide (CO2) in 2022-2026, according to a recently-signed emission reduction purchase agreement between the country and the organization. A ton of CO2 costs at least $10.
The MARD has already set seven targets and 11 solutions for forestry work this year, with a focus on completing the national forestry planning and supporting firms involved in the transition from forestry production to forestry business.
Last year, Vietnam for the first time sold more than ten million carbon credits for over $50 million, ranking among the 60 countries worldwide with the highest capacity for the carbon credit trade.