Australia provides 3.3 million USD for carbon market development projects in Vietnam

by NDO30 November 2022 Last updated at 19:17 PM

Delegates at the event to announce the carbon market development projects funded by Australia.
Delegates at the event to announce the carbon market development projects funded by Australia.

VTV.vn - The Australian Department of Foreign Affairs and Trade (DFAT) has announced an investment of 3.3 million USD to support the growth of a sustainable carbon market in Vietnam.

The six new partnerships to promote private sector participation in Vietnam’s carbon market are expected to deliver significant social and environmental benefits to communities in the country.

According to the Australian Embassy in Vietnam, the partnerships will leverage more than 3.7 million USD in private sector investment and resources towards improving the environment for enabling carbon market projects in Vietnam that are able to deliver verifiable and sustainable social and environmental outcomes.

The new partnerships will test and trial new approaches within voluntary market frameworks to reduce greenhouse gas emissions, lower carbon market entry barriers for producers, build capacity of local stakeholders, and deliver important social benefits, it added.

The six projects include incentivising low emissions rice production through satellite technology, scaling carbon market access for sustainable rice producers, enabling nature-based carbon projects, upland crop planting for incomes and carbon sequestration, biochar for carbon removal and improved livelihoods, and promoting nature-based solutions through afforestation carbon projects.

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