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Expectations for Carbon Credit sales in the rice sector

09:15 07/10/2024

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The plan for one million hectares of high-quality rice aims to generate VND 2,500 billion in carbon credit sales annually by 2030. This is the target the Ministry of Agriculture and Rural Development (MARD) set.

Minister of Agriculture and Rural Development Le Minh Hoan stated that, following the Prime Minister's directives during the 5th session of the Steering Committee for COP26 on effective climate change response, MARD has been actively implementing the project for sustainable development of one million hectares of high-quality, low-emission rice in the Mekong Delta (Mekong Delta region) by 2030.

According to the plan, by 2025, 13 provinces and cities in the Mekong Delta will plant 180,000 hectares of low-emission rice and pilot the issuance of carbon credits for qualifying regions. By 2030, the area of low-emission rice will expand by an additional 820,000 hectares. The goal is to reach VND 2,500 billion in annual carbon credit sales for the rice sector. The project is estimated to increase the value of Viet Nam's rice sector by approximately VND 21,000 billion per year (equivalent to about USD 840 million) compared to previous years.

Currently, MARD is organizing the implementation of seven pilot models in five provinces of the Mekong Delta (Can Tho, Kiêen Giang, Soc Trang, Tra Vinh, and Dong Thap), to be carried out over three consecutive crop seasons (summer-autumn 2024, autumn-winter 2024, winter-spring 2024-2025, or autumn-winter 2024, winter-spring 2024-2025, summer-autumn 2025).

MARD's preliminary assessment shows that the pilot models have yielded positive initial results. Total production input costs have decreased by 10-15% due to reduced use of seeds, fertilizers, and irrigation water. Notably, the pilot rice yield reached 6.13 - 6.51 tons/ha compared to 5.89 tons/ha in the control model, with VND 21 - 25.8 million/ha profits, which is VND 1.3 - 6.2 million/ha higher.

In addition, the pilot production of high-quality, low-emission rice has reduced CO2 emissions by 2 tons/ha compared to the control model where straw was removed from the fields and by 12 tons/ha compared to the continuously flooded control model that incorporated straw into the soil after harvest.

K.Linh

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