Vietnam to transfer 1 million tons of carbon credit the World Bank

The Resolution approved the policy of allowing the transfer of surplus greenhouse gas emission reductions from the North Central region for the 2018–2019 period to the International Bank for Reconstruction and Development (IBRD), part of the World Bank (WB), as proposed by the Ministry of Agriculture and Environment, specifically as follows:

Transferring 1 million tons of CO2 (out of a surplus of 5.91 million tons of greenhouse gas from the North Central region in 2018–2019) to the IBRD, of which about 95% of this transferred amount will be reassigned by the IBRD to the Ministry of Agriculture and Environment to implement Vietnam’s Nationally Determined Contribution (NDC).

The unit price of the transfer and the process of transferring greenhouse gas reduction results shall be carried out under the Emission Reduction Payment Agreement (ERPA) for the North Central region, signed on October 22, 2020, between the Ministry of Agriculture and Rural Development and the IBRD.

Accordingly, the Prime Minister requested the Ministry of Agriculture and Environment to carry out the relevant procedures to transfer 1 million tons of CO2 to the International Bank for Reconstruction and Development (IBRD) under the signed ERPA. At the same time, the Ministry is to receive, manage, and use the proceeds in accordance with Government Decree No. 107/2022/ND-CP dated December 28, 2022, on the pilot transfer of greenhouse gas reduction results and ERPA financial management, as well as other relevant legal regulations.

Relevant ministries and agencies, within their functions and mandates, are to coordinate with the Ministry of Agriculture and Environment in implementing this Resolution and Decree No. 107/2022/ND-CP.

The People’s Committees of the five provinces and cities in the North Central region (including Thanh Hoa, Nghe An, Ha Tinh, Quang Tri, and Hue) are to coordinate with the Ministry of Agriculture and Environment in implementing this Resolution and organizing the implementation of the ERPA locally in accordance with Decree No. 107/2022/ND-CP.