Vietnam makes efforts to develop domestic carbon market

In the context that about 70 countries and territories have applied carbon pricing instruments, experts held that Vietnam should also apply such tools, especially by developing the domestic carbon market, in order to support the realisation of the country’s greenhouse gas emissions reduction target.

Following the Paris Climate Accords, Vietnam must fulfill its mandatory obligation to reduce greenhouse gas emissions from 2021 according to the Nationally Determined Contribution. The country also needs to make efforts to reduce greenhouse gas emissions towards the goal of net-zero emissions by 2050.

In Vietnam, the voluntary exchange of carbon credits with the world has been carried out by businesses since the mid-2000s in projects and programmes under the Clean Development Mechanism - a United Nations-run carbon offset scheme.

Data from the Department of Climate Change under the Ministry of Natural Resources and Environment show that to date, more than 300 programmes and projects have registered to be implemented with carbon credit mechanisms. Of these, about 150 programmes and projects were granted more than 40.2 million carbon credits which have been exchanged on the world carbon market./.

VNA