A funding proposal submitted by the Japan International Cooperation Agency in collaboration with Vietnam has been approved by the Green Climate Fund.
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The proposal was approved at the 44th GCF Board Meeting on March 26. It marks the fourth venture to be implemented by Japan International Cooperation Agency (JICA ) with funding from the Green Climate Fund (GCF), contributing to the mobilisation of diverse finance as outlined in Japan’s Development Cooperation Charter.
The project aims to address drivers of deforestation and forest degradation while promoting sustainable forest management and improving local livelihoods. It utilises results-based payments for emission reductions achieved under Reducing Emissions from Deforestation and Forest Degradation (REDD+) – a UN-backed mechanism that provides financial incentives to developing countries for forest conservation and carbon stock enhancement – during the 2014 reference period in Vietnam.
The initiative reflects the Vietnamese government’s sustained efforts and JICA’s long-standing cooperation, which has included support for REDD+ policy formulation, development of forest monitoring systems, and calculation of emission reductions and removals.
The scheme is expected to further boost forest conservation and climate change mitigation, contributing to UN Sustainable Development Goals 13 (Climate Action) and 15 (Life on Land), while also supporting the objectives of the Paris Agreement under the United Nations Framework Convention on Climate Change (UNFCCC).
Moving forward, JICA will continue to cooperate in forest and nature conservation efforts, contributing to climate change mitigation and adaptation.
The GCF, established under UNFCCC and the Paris Agreement, supports developing countries in reducing greenhouse gas emissions and addressing climate change impacts.
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