Australia supports carbon market partnerships in Vietnam
Six new private sector partnerships announced under the Australian Department of Foreign Affairs and Trade’s (DFAT’s) Business Partnerships Platform (BPP) will promote the growth of sustainable carbon markets that deliver significant social and environmental benefits to communities in Vietnam.
Chargé d’Affairs Mark Tattersall and six new private sector partnerships. (Photo courtesy of Australian Embassy to Vietnam)
Hanoi (VNS/VNA) - Six new private sector partnerships announced under the Australian Department of Foreign Affairs and Trade’s(DFAT’s) Business Partnerships Platform (BPP) will promote the growth ofsustainable carbon markets that deliver significant social and environmentalbenefits to communities in Vietnam.
The six multi-stakeholder partnerships, supported by an investment of 3.3million USD from DFAT, will leverage more than 3.7 million USD in privatesector investment and resources towards improving the enabling environment forcarbon markets projects in Vietnam that are able to deliver verifiable andsustainable social and environmental outcomes.
The new partnerships will test and trial new approaches within voluntary marketframeworks to reduce greenhouse gas emissions, lower carbon market entrybarriers for producers, build the capacity of local stakeholders, and deliverimportant social benefits.
“Australia is ambitious for what we can achieve together with Vietnam, and theregion, in confronting the challenges of climate change,” said Chargéd’Affairs, Mark Tattersall. “These new BPP Carbon Markets partnerships are partof Australia’s commitment to supporting enhanced climate action in our region,including through climate partnerships that also work to deliver social andenvironmental benefits to communities.”
The six partnerships include incentivizing low emissions rice productionthrough satellite technology, scaling carbon markets access for sustainablerice producers, enabling nature-based carbon projects, upland crop planting forincomes and carbon sequestration, biochar for carbon removal and improvedlivelihoods and promoting nature-based solutions through afforestation carbonprojects.
The Business Partnerships Platform supports partnerships between DFAT andinclusive, commercially sustainable businesses to deliver strategic developmentoutcomes, with a focus on gender equality, social inclusion and climate impact.Since 2016, the programme has supported 52 partnerships in 18 countries./.
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Chargé d’Affairs Mark Tattersall and six new private sector partnerships. (Photo courtesy of Australian Embassy to Vietnam) 
