Vietnam received nearly 72 million USD from deforestation reduction results

The Green Climate Fund (GCF) Council recently approved the proposal “Payments based on Vietnam’s REDD+ results for the 2014 period” by the Japan International Cooperation Agency (JICA) and the Government of Vietnam.

Accordingly, GCF agreed to approve 71.96 million USD through a results-based payment mechanism, corresponding to the independently verified greenhouse gas emissions in Vietnam’s REDD+ proposal.

GCF was established under the United Nations Framework Convention on Climate Change (UNFCCC) and the Paris Agreement. This fund supports developing countries in reducing greenhouse gas emissions and addressing the impacts of climate change.

REDD+ (Reduced Emissions from Deforestation and Forest Degradation) is an international mechanism that provides financial incentives to developing countries to reduce greenhouse gas emissions from deforestation and forest degradation, while conserving and managing forests sustainably and enhancing forest carbon stocks.

According to the plan, financial resources of nearly 72 million USD will be used to reinvest in strengthening policies, institutions and enforcement measures related to forests over a period of 6 years. The target areas are provinces in the Northwest and Northeast regions, including Dien Bien, Lai Chau, Lao Cai, Son La, Phu Tho and Tuyen Quang.

“Through the project’s activities, Vietnam will gradually address the main causes leading to deforestation and forest degradation, promote sustainable forest management, and improve the livelihoods of local communities that depend on forests,” JICA said.

JICA said it will continue to coordinate closely with the Government of Vietnam and relevant parties to promote forest conservation, minimize the impact of climate change and move towards sustainable development.