Mobilizing forces to support low-carbon and green agriculture

On November 6, 2022, the 27th Conference of the Parties to the United Nations Framework Convention on Climate Change (COP27) began in the Egyptian coastal city of Sharm El-Sheikh with the participation of over 120 world leaders and 40,000 delegates.

Director of the International Cooperation Department Nguyen Do Anh Tuan leads the Ministry of Agriculture and Rural Development representatives participating in COP27. The team worked with a number of partners to build partnerships and mobilize financial resources for climate change adaptation and mitigation in Vietnam's agricultural sector.

Mr. Eron Bloomgarden, Executive Director of the Organization for Forest Finance Accelerator (Emergent) - the trustee of the Lowering Emissions by Accelerating Forest Finance (LEAF) - met with the delegation to discuss the extension of the Letter of Intent (LOI) until October 31, 2023. Vietnam will transfer 5,2 million tons of CO2 to the Lowering Emissions by Accelerating Forest Finance (LEAF) Coalition between 2022 and 2026 as a consequence of emission reductions from forests in the South-Central area and Central Highlands. LEAF/Emergent will pay a minimum price of USD 10 per ton of CO2 for the service, amounting to a total value of USD 52 million.

According to Mr. Eron Bloomgarden, LEAF has raised approximately USD 1.5 billion for the implementation of LOIs with certain countries. Additionally, he reported that some partners had requested that the quantity of CO2 purchased on Vietnam's credit be increased to 18 million tons. In the Emission Reductions Payment Agreement with the Vietnam Administration of Forestry, specific prices and volumes will be negotiated. Emergent is committed to collaborating closely with the Vietnam Administration of Forestry to expedite the preparation of technical documents and negotiating documents for the Emission Reductions Payment Agreement with Vietnam.

Mr. Nguyen Do Anh Tuan stated that Vietnam is a responsible member of the international community and seeks to grow its agriculture in a responsible, transparent, and sustainable manner. He urged LEAF/Emergent to consider purchasing carbon credits from areas other than forestries, such as crop production and livestock production.

Mr. Nguyen Do Anh Tuan appreciated the financial and technical support of the Norwegian government for the Reducing Emissions from Deforestation and Forest Degradation and Enhancing Forest Carbon Stocks (REDD+) program in Vietnam during a meeting with Mr. Leif John, Senior Adviser, Norwegian International Climate and Forest Initiative, Norwegian Ministry of Climate and Environment. He urged that Norway maintain its assistance to Vietnam for the LEAF results-based payments program.

Vietnam proposed that Norway evaluate and assist experts and analytical models when Vietnam lacks statistics and data on marine resources in general and marine protected areas in particular, based on its strength and expertise in marine resource management.

Mr. Nguyen Do Anh Tuan told Mr. Tom Clements, Strategic Policy Advisor, Department for Environment, Food and Rural Affairs, of the Prime Minister's acceptance of Vietnam's involvement in the Forests and Climate Leaders' Partnership  (FCLP) during their meeting.

The latter offered information on the mechanism and how FCLP partners work to assist countries in implementing the Glasgow Declaration commitments of leaders on forests and land use at COP26 and encouraged governments to identify challenges in the forestry sector that require prompt solutions.

In addition, he introduced the Food Innovation Hub (FIH) initiative in Vietnam to Ms. Tania Strauss, Head of Strategy and Global Projects, and Mr. Sean de Cleene, Executive Committee Member, Head of Food System Initiative, and Executive Committee Member of the World Economic Forum (WEF).

WEF recognizes and welcomes the proposal to create FIH in Vietnam. It pledged to work with MARD to establish and execute FIH, which is related to the development of environmentally friendly, low-carbon emission agriculture. WEF reported that it has gathered financial resources from international partners to assist Vietnam in planning for the formation of the Food Innovation Network in Vietnam, providing technical support, and mobilizing the involvement of the private sector.