Central Quang Binh province received a payment of more than VND82 billion ($3.38 million) in 2023 under the Emissions Reduction Purchase Agreement (ERPA).

It is the first locality in Vietnam to receive a payment.

The Agreement was signed between the Ministry of Agriculture and Rural Development (MARD) and the World Bank, the trustee agency of the Forest Carbon Partnership Facility (FCPF), in 2020.

Under the agreement, Quang Binh will receive VND235 billion ($9.79 million) for reducing more than 2.4 million tons of carbon dioxide emissions during the 2023-2025 period.

The money received this year will be used for forest management and protection and to support the development of local livelihoods.

More than 469,300 ha of forest in the province are eligible to claim carbon credits this year.