Method of greenhouse gas emission reporting for steel industry under discussion

 VSA Chairman Nghiem Xuan Da speaks at the workshop. (Photo: VNA) 

Hanoi (VNA) – A training workshop on methods of greenhouse gas emission accounting and emission mitigation for steel businesses was jointly organised by the International Finance Corporation and the Vietnam Steel Association (VSA) in Hanoi on September 12, gathering representatives from nearly 60 steel-producing firms.

The event offered a good chance for steel producers to gain a better understanding of industrial decarbonisation technologies, thus reducing carbon emissions in their products.

Participants also discussed opportunities and challenges related to carbon trading, which can be applied to meet increasingly stringent regulations towards achieving net-zero emissions, and strict requirements for low-carbon steel from end buyers in the value chain.

Speaking at the event, VSA Chairman Nghiem Xuan Da said that it focused on measures to assist businesses in conducting greenhouse gas emission accounting and emission mitigation more easily, helping them meet legal requirements and the demands of import markets, including those from the European Union (EU).

The event also provided steel companies with calculation tools (Excel models), which can be used to prepare annual greenhouse gas emissions reports and mitigation plans in accordance with Vietnam's regulations, Da said.

From October 1, 2023, steel enterprises exporting to the European Union (EU) must comply with the EU's Carbon Border Adjustment Mechanism (CBAM), beginning with the implementation of greenhouse gas emission accounting.

The steel industry is one of the fundamental sectors in Vietnam, providing materials for various other industries such as construction, shipbuilding, container manufacturing, automobile, household appliances, mechanical engineering, and other industries.

Statistics from VSA show that Vietnam exported about 8.4 million tonnes of steel worth nearly 8 billion USD in 2022, down 35.85% in volume and 32.2% in value compared to the previous year.

Ma Khai Hien, Director of the Energy Conservation Research and Development Centre (ENERTEAM), said this is a big challenge for Vietnam's steel manufacturing enterprises as the average rate of greenhouse gas emissions is about 23% higher than the world average./.