Emergent: 1 billion USD is right away for forest protection activities

On September 26, Deputy Minister of MARD Nguyen Quoc Tri met with Norwegian Ambassador to Vietnam Hilde Solbakken, Partnership Director of the Organization for Forest Financial Enhancement (Emergent) Frisby Sean David Anthony, and the working group.

Recalling the context of cooperation between the Ministry of Agriculture and Rural Development and Emergent, Deputy Minister Nguyen Quoc Tri shared that the development of Vietnam rests on three pillars: the economy, the society, and the environment. At COP 26, Vietnam and nearly 150 other countries committed to achieving "zero" net emissions by 2050; committing to reduce global methane emissions by 2030 relative to 2010; participating in the Glasgow Declaration of leaders on forests and land use; and participating in the global declaration on transitioning from coal power to clean energy.

Deputy Minister Nguyen Quoc Tri expressed his delight that Emergent was the pioneer organization working with Vietnam in the field of forestry emission reduction, protection, and development.

In addition, the Deputy Minister reported that MARD and Emergent - the trustee of the Lowering Emissions by Accelerating Forest Finance (LEAF) Coalition - signed a Letter of Intent regarding emissions reduction within the context of COP 26.

Emergent/LEAF is committed to assisting Vietnam and collaborating with the United Kingdom, the United States, and South Korea in reducing emissions and paying for forest environmental services.

The Ministry of Agriculture and Rural Development views this as an essential agreement that will assist Vietnam in implementing its COP 26 commitments. Since then, the Ministry has implemented numerous related initiatives in order to effectuate the agreement between the two parties.

The implementation of the agreement, according to Deputy Minister Nguyen Quoc Tri, is also an opportunity for Vietnamese citizens, particularly in mountainous and central regions, to participate in improved forest protection and development activities.

Hilde Solbakken, the Norwegian ambassador to Vietnam, congratulated the Ministry of Agriculture and Rural Development and its forestry counterparts for making significant strides in promoting forest management and preservation and sustainable forestry development.

According to Ms. Hilde, LEAF was founded two years ago with the intent of serving as a crucial link in supplying financing and establishing regulations for national-scale carbon compensation. The British, American, and Norwegian governments, as well as Amazon, Bayer, and Nestle, provide funding for the initiative.

"Vietnam is one of the first countries to ratify this agreement and has also reached the negotiation stage to receive results-based payments. Emergent/LEAF is committed to supporting and collaborating with Vietnam alongside the United Kingdom, the United States, and South Korea in this endeavor, as stated by Ambassador Hilde.

Ms. Hilde also mentioned some crucial issues on which the two parties must collaborate, such as enhancing forest quality, fostering biodiversity, and creating multiple benefits; LEAF wishes to coordinate efforts and financial initiatives to promote partnerships and participation of stakeholders in various regions, including the mountainous region and the Central region.

Mr. Frisby Sean David Anthony, Director of Partnerships at the Emergent Foundation, stated that, from a global perspective, it is imperative to address biodiversity loss and climate change immediately.

Vietnam, according to Emergent's representative, is one of the leading countries in forest protection and development, as well as other environmental objectives, with a number of associated strategies and programs in place.

The Emergent/LEAF Organization intends to make the forest sector one of the global financial transformation's objectives. "We are currently mobilizing international budget and finance for the forestry partnership and forestry development fund, of which more than one billion US dollars is ready for disbursement in countries with forest protection activities, such as Vietnam," said the Emergent representative.

Vice Minister Nguyen Quoc Tri stated that for Vietnam, forestry is an industry that contributes significantly to the development of many sectors, including the environment, economy, and society. Cooperation with Emergent helps Vietnam protect forests, progress toward sustainable forestry development, and respond to the effects of climate change.

The Deputy Minister also stated that forest environmental services are being exploited effectively. Vietnam has a system of forest protection and development funds from the central to the local levels, as well as experience receiving and disbursing these funds to beneficiary entities.

Vietnam concerned not only about the quantity but also the character of its forests, as stated by Deputy Minister Nguyen Quoc Tri, whose country has a forest cover of over 42%, higher than the world average of 29%. This issue requires the participation of the entire political system as well as the forest industry.