Deputy Minister of Agriculture and Environment Le Cong Thanh - Head of the Vietnamese delegation at the COP30 Conference recently had a bilateral exchange with Ms. Ruth Davis, Special Envoy of the British Prime Minister in charge of Nature.
The meeting took place in the context of Vietnam and the UK expanding extensive cooperation on environment, climate and nature conservation. In October 2024, the Ministry of Natural Resources and Environment of Vietnam (now the Ministry of Agriculture and Environment) and the UK Department for Foreign Affairs and Development signed a Memorandum of Understanding (MOU) on environmental cooperation and climate change. This MOU focuses on a number of key areas such as biodiversity conservation, carbon market development, promoting green finance and circular economy.
Deputy Minister of Agriculture and Environment Le Cong Thanh - Head of the Vietnamese delegation at the COP30 Conference and Ms. Ruth Davis, Special Envoy of the British Prime Minister in charge of Nature. Photo: Chu Huong.
According to Deputy Minister Le Cong Thanh, Vietnam has a forest coverage of about 43% and has developed a national biodiversity program. However, Vietnam is facing difficulties in mechanisms and policies to conserve nature sustainably, especially additional financial resources and fund mobilization for this field. Vietnam highly appreciates the role of the private sector and hopes that the UK will support connections with ministries, branches, international organizations and British businesses to open up new capital flows for nature conservation.
Vietnam wants to link the contents of the MOU with new nature initiatives, for example, the biodiversity landscape fund and nature-based projects to restore ecosystems, adapt and mitigate greenhouse gas emissions.
Ms. Ruth Davis said: The UK is working with Vietnam on carbon market preparation related to the Reducing Emissions from Deforestation and Forest Degradation (REDD+) mechanism, including mobilizing investment for high-quality credits through the LEAF initiative (an international mechanism to buy and finance qualified REDD+ credits). The UK side is aware of Vietnam’s Forest Carbon Partnership Facility (FCPF) and wants to further expand opportunities for forest carbon credits.
The two sides discussed cooperation on environment and biodiversity. Photo: Chu Huong.
In addition, Ms. Ruth Davis also emphasized the opportunity to expand capital flows for agricultural innovation through the Asian Development Bank (ADB). ADB currently has more than 40 billion USD for this sector. The UK is committed to supporting Vietnam in accessing these resources, especially by encouraging the private sector to invest more in sustainable agricultural models.
The UK is strengthening its collaboration with the ASEAN Centre for Biodiversity, including in the areas of rice credits and biodiversity credits. These efforts focus on developing a legal framework, sharing knowledge and creating a space for countries to exchange experiences.
The meeting at COP30 is an opportunity for Vietnam and the UK to strengthen their commitments on nature and climate, and propose contents for implementing the MOU for the period 2025 - 2030. The two sides can increase support for connecting ministries, branches, international organizations and the private sector as well as mobilizing resources to strongly implement the contents identified in the MOU, especially: responding to climate change, conserving biodiversity, developing carbon markets and building a green, inclusive economy.
Source: https://nongnghiepmoitruong.vn/mo-khoa-tai-chinh-cho-tin-chi-carbon-rung-va-doi-moi-nong-nghiep-d785387.html
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