Environment

Carbon market necessary to attain GHG reduction targets

A carbon market will be one of the means for Vietnam to achieve the committed greenhouse gas (GHG) emission reduction targets, according to Nguyen Van Tue – Director of the Department of Meteorology, Hydrology and Climate Change.
Carbon market necessary to attain GHG reduction targets ảnh 1A wind farm in the Mekong Delta province of Bac Lieu. Illustrative image (Photo: VNA)

Hanoi (VNA) – A carbon market will be one of themeans for Vietnam to achieve the committed greenhouse gas (GHG) emissionreduction targets, according to Nguyen Van Tue – Director of the Department ofMeteorology, Hydrology and Climate Change.

At a recent regional workshop on mechanism for acarbon market, Tue said for developing countries like Vietnam, participating inthe carbon market is a chance to access modern technologies, create financial revenues,and join hands with the global community in reducing GHG emissions and copingwith climate change.

Building and developing a carbon market is alsopart of international efforts to realise the Paris Agreement on climate changeso as to curb the increase of GHG concentration in the atmosphere at lowexpenses, he noted.

To help carry out the UN Framework Convention onClimate Change, the Kyoto Protocol suggested flexible mechanisms for developedand developing countries to cooperate to reduce GHG emissions. In theprotocol’s initial commitment period from 2008 to 2012, the carbon market wasvibrant with the Joint Crediting Mechanism (JCM). Some carbon credit mechanismsthat are not within the framework of the Kyoto Protocol, also called voluntarycarbon credits, also developed rather strongly.

However, the number of newly registered JCMprojects has fallen down considerably since 2013, which was attributable to theDoha Amendment to the Kyoto Protocol not taking effect yet. As a result, somedeveloped countries which purchased carbon credits under the JCM have not beenforced to cut down GHG emissions. Though some new mechanisms have been builtand implemented like the JCM between Japan and several partners, they were justrun on a trial basis and the existing carbon credits are yet to able to betransacted in the carbon market.

[Vietnam’s cities discharge 70 percent of total CO2]

At the 2015 Paris Climate Conference or COP 21,participating countries approved regulations on a new mechanism to help cutdown GHG emissions and support sustainable development.

Director Tue said Vietnam will take part in thecarbon market through the Clean Development Mechanism.

In the country’s strategy for participating inthe carbon market after 2020, Vietnam will build voluntary GHG emission reductionprojects and a nationally appropriate mitigation action plan. To do that, itwill assess its emission reduction potential and complete the policy frameworkfor business activities relating to carbon projects.

Vietnam is also about to issue policiesencouraging investment, instructing the management of carbon credit trading,and improving the measurement, reporting and verification capacity, therebyhelping the country get ready to integrate more strongly into the global carbonmarket, the official added.-VNA
VNA
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