The Green Climate Fund (GCF) Board recently approved the proposal "Vietnam's REDD+ results-based payment for the 2014 period," submitted by the Japan International Cooperation Agency (JICA) and the Government of Vietnam.

Under this agreement, the GCF agreed to approve 71,96 million USD through a results-based payment mechanism. This amount corresponds to the independently verified greenhouse gas emissions outlined in Vietnam's REDD+ proposal.

JICA expert Baku Takahashi guides forest planting in Muong Phang commune, Dien Bien. Photo: JICA

The 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 climate change impacts.

REDD+ (Reduced Emissions from Deforestation and Forest Degradation) is an international mechanism. It provides financial incentives to developing countries to reduce greenhouse gas emissions from deforestation and forest degradation, simultaneously promoting forest conservation, sustainable forest management, and increased forest carbon stocks.

According to the plan, the nearly 72 million USD in funding will be reinvested over 6 years. This investment aims to strengthen forest-related policies, institutions, and implementation measures. The target areas are provinces in the Northwest and Northeast regions: Dien Bien, Lai Chau, Lao Cai, Son La, Phu Tho, and Tuyen Quang.

JICA stated, "Through the project activities, Vietnam will gradually address the main causes of deforestation and forest degradation. It will also promote sustainable forest management and improve livelihoods for local communities dependent on forests."

JICA confirmed its continued close coordination with the Government of Vietnam and stakeholders. This collaboration will promote forest conservation, mitigate climate change impacts, and work towards sustainable development.

Vien Thong