Environment

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 (GHG) emissions reduction target.
Vietnam makes efforts to develop domestic carbon market ảnh 1Illustrative image (Source: AFP/VNA)
Hanoi (VNA) – In the context that about 70countries and territories have applied carbon pricing instruments, experts heldthat Vietnam should also apply such tools, especially by developing the domesticcarbon market, in order to support the realisation of the country’s greenhousegas (GHG) emissions reduction target.

Following the Paris Climate Accords, Vietnam must fulfillits mandatory obligation to reduce greenhouse gas emissions from 2021 accordingto the Nationally Determined Contribution (NDC). The country also needs to makeefforts to reduce GHG emissions towards the goal of net-zeroemissions by 2050.

Statistics show that carbon pricing tools control about 23%of total global emissions in 2023.

In Vietnam, the voluntary exchange of carbon credits with the world has beencarried out by businesses since the mid-2000s in projects and programmesunder the Clean Development Mechanism (CDM) - a UnitedNations-run carbon offset scheme allowing countries to fund GHGemissions-reducing projects in other countries and claim the saved emissions aspart of their own efforts to meet international emissions targets.

Data from the Department of Climate Change (DCC) under the Ministry of NaturalResources and Environment show that to date, more than 300 programmes and projects haveregistered to be implemented with carbon credit mechanisms. Of these, about 150programmes and projects were granted more than 40.2 million carbon credits whichhave been exchanged on the world carbon market.

According to the Government’s Decree 06/2022/ND-CP on theroadmap for the domestic carbon market development, until 2027, Vietnam willimplement a number of activities such as developing regulations for carboncredit management, exchanging greenhouse gas emission quotas and carbon credits,building regulations for operating the carbon credit exchange, and piloting thecarbon credit exchange and offset mechanism in potential areas and guiding theimplementation of the domestic and international carbon credit exchange andoffset mechanism in accordance with the provisions of law international treatyto which Vietnam is a member.

At the same time, Vietnam will pilot a carboncredit exchange from 2025, and implement capacity building activities and raisepublic awareness of carbon market development.

DCC Vice Director Mai Kim Lien said that along with coordinatingwith relevant agencies to build policies in the field, the department hasworked with specialised agencies to collect data on GHG emissions serving the allocation of GHG emission quota, while holding activities toraise awareness of the carbon market among officials, public workers and businessesin many localities across the country. A national registration system will beset up to manage all carbon credits generated in the territory of Vietnam, sheadded./.

VNA
#Paris Climate Accords #greenhouse gas (GHG) #carbon credits #Clean Development Mechanism (CDM) #carbon market #Vietnam #Vietnam news #Vietnam News Agency
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