Vietnam PM Okays World Bank-funded Carbon Emission Reduction Project

Vietnam’s Prime Minister Nguyen Tan Dung has approved a project on greenhouse gas emission reduction project costing $3.6 million to be funded by the World Bank, the state-run Thoi Bao Kinh Te Vietnam newspaper reported. The project will leave a focus on improving management capacity in reducing greenhouse gas emissions within the nationally appropriate mitigation actions (NAMAs) to step by step build road for the joining of domestic and international carbon markets. The project would be done within three years after the approval. Vietnam expects to earn between $80 million and $100 million annually from the United Nations-funded Reducing Emissions from Deforestation and Forest Degradation (REDD+) program. Carbon emission reduction (CER) is a carbon credit that is a generic term for any tradable certificate or permit representing the right to emit one ton of carbon dioxide or the mass of another greenhouse gas with a carbon dioxide equivalent (tCO2e) equivalent to one ton of carbon dioxide. Vietnam has roughly 13.86 million hectares of forest. (Thoi Bao Kinh Te Vietnam – Vietnam Economic Times Oct 27 p2, vovworld.vn Oct 27)