Fri, 19th Apr 2024 01:13 (GMT +7)

Việt Nam capable of earning revenue from carbon credit trade

Tuesday, 05/03/2024 | 09:18:47 [GMT +7] A  A

Việt Nam is set to transfer to the forest financing organisation 5.15 million tonnes of carbon dioxide that cost at least $10 per tonne in the 2022-2026 period.

Việt Nam is capable of selling some 40 million carbon credits for a revenue of US$200 million annually, the Department of Forestry has calculated.

It said the country has freshly signed an emissions reduction purchase agreement with Emergent, a non-profit intermediary engaging between tropical forest countries and the private sector to mobilise finance to support emissions reductions in deforestation. Accordingly, Việt Nam is set to transfer to the forest financing organisation 5.15 million tonnes of carbon dioxide that cost at least $10 per tonne in the 2022-2026 period.

The Ministry of Agriculture and Rural Development has already put forth seven targets and 11 solutions for forestry work this year, with a focus on completing the national forestry planning and supporting firms involved in transition from forestry production to forestry business.

Việt Nam currently houses 14.79 million ha of forest, a coverage rate of 42%. The forestry production value grows stably at a rate of 4.6% and revenue from environmental protection services nears VNĐ11 trillion ($445.56 million).

Last year, the nation, for the first time, sold more than 10 million carbon credits for over $50 million, ranking among the 60 countries worldwide with the highest capacity for the carbon trade.

Source: Vietnam News