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Dong Ha (Vietnam), 21 April 2022 – Eni, through its subsidiary Eni Vietnam, signed a Memorandum of Understanding (MoU) with Vietnam’s Quang Tri provincial government to evaluate potential REDD+ (Reducing Emissions from Deforestation and forest Degradation) initiatives and Natural Climate Solutions (NCS) opportunities for carbon credit generation in the area.
The parties will work jointly to identify opportunities to avoid deforestation and forest degradation, promote the sustainable use of forests and the enhancement of forest carbon stock, and support both wetlands and coastal ecosystem conservation (e.g. mangroves). They will also encourage carbon sequestration through climate-smart agriculture solutions, the enhancement of soil carbon stocks, and agroforestry initiatives, bringing economic and social development to the local communities. Finally, within an agroforestry integrated approach, the parties will identify opportunities for the valorisation of agricultural residues and practices of sustainable land management in agriculture.
The MoU is in line with Eni’s strategy to reach net zero emissions by 2050, which adopts Natural Climate Solutions, such as REDD+ projects, to reduce hard-to-abate emissions, and with Quang Tri action plans to support forest management and sustainable development, in line with United Nations’ 2030 Agenda.
Eni has been present in Vietnam since 2013, and currently operates five blocks all located in the underexplored Song Hong and Phu Khanh basins, offshore central Vietnam.
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Background notes
As part of its long-term carbon neutrality strategy, Eni has planned the possibility of using carbon credits generated by forestry projects that guarantee environmental, social and economic benefits. Natural Climate Solutions are essential to contribute immediately to the reduction of CO2 emissions and, over time, to offset the residual emissions that available technologies do not allow to abate, supporting the energy transition.
The REDD+ scheme - Reducing Emissions from Deforestation and forest Degradation - has been defined under the United Nations Framework Convention on Climate Change (UNFCC). The REDD + projects are developed together with the local communities and in agreement with central and local governments. They are verified and certified by an independent third party for their contribution to fight climate change and the positive impact on ecosystems, biodiversity and local community development.
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