WB MAKES $51.5-MILLION CARBON CREDIT PAYMENT

The World Bank (WB) has announced that Vietnam received a $51.5 million payment for carbon credits for reducing deforestation and forest degradation, commonly known as REDD+, and enhancing carbon storage through planting and reforestation. Vietnam is the first country in the East Asia-Pacific region to receive emissions-based payments from the WB’s Forest Carbon Partnership (FCPF). The payment covers a reduction of 10.3 million tons of carbon emissions between February 1, 2018, and December 31, 2019, marking the largest single FCPF payment to date for high-quality carbon credits. This is also the largest single payment ever from the FCPF Fund for highquality, verified emissions reductions. “This landmark payment marks a significant step for Vietnam in joining the global carbon credit market,” said Ms. Carolyn Turk, WB Country Director for Vietnam. “It opens new avenues for financing our ambitious climate commitments and targets.” Vietnam’s REDD+ program generated 16.2 million verified emissions reductions between 2018 and 2019, exceeding the contracted 10.3 million by 5.9 million. The WB has expressed interest in purchasing an additional 1 million emissions reductions beyond the contracted amount.