North Central Region Emission Reductions Program

active

The development objective of the North Central Region Emission Reductions (ER) Program for Vietnam is to make payments to the program entity for measured, reported, and verified ER from reduced deforestation, forest degradation, and enhancement of forest carbon stocks (REDD+) in the North Central region of Vietnam and to distribute ER payments according to an agreed benefit sharing plan (BSP). The project is organized as a process that includes: (i) verification and payment for measured and reported ERs. The basis for payments under the ER payment agreement (ERPA) is verified ERs reported by the Program Entity. In the ER program document (ER-PD) accepted by Carbon Fund Participants in February 2018, Vietnam detailed an approach to measure emissions in the North Central Region. The verified volume of ERs, combined with the unit price agreed in the ERPA, will then translate into corresponding payments; and (ii) distribution of the ER payments according to the BSP. The proceeds from verified ER payments will be shared according to an agreed BSP, designed based on the criteria in the carbon fund methodological framework and in a manner that is acceptable to the World Bank. It describes the benefit sharing arrangements, including the distribution mechanism, funds flow and rules of allocation of proceeds and benefits to agreed beneficiaries.