Vietnam has a lot of potential in developing carbon trade exchange because forest covers three-quarters of its area. (Photo chinhphu.vn) This market will strengthen the activities of connecting and exchanging carboncredits between Vietnam with regional and international markets.
According to the draft, Vietnam will pilot the operation of this carbon creditmarket in 2025.
The project is built on the basis of the Government's Decree 06/2022/ND-CP.This decree details the reduction of greenhouse gas emissions, the protectionof the ozone layer and the development of the carbon market.
Accordingly, from now until the end of 2027, Vietnam will focus on developingregulations on carbon credit management and exchange of greenhouse gas emissionquotas and carbon credits.
It will develop regulations on operating the carbon credit market, pilotimplementation of the mechanism for exchanging and clearing carbon credits inpotential areas in accordance with domestic laws and provisions ofinternational conventions to which Vietnam is a member.
It will also carry out activities to improve capacity for and awareness oncarbon market development.
The operation of the carbon trade exchange contributes to reducing greenhousegas emissions under previous climate commitments, especially the goal ofreducing net zero emissions by 2050 under the 26th United Nations ClimateChange Conference of the Parties (COP26).
According to the project, the Ministry of Natural Resources and Environment hasthe role of presiding over and coordinating with relevant ministries toorganise the pilot operation and official operation of the carbon credittrading floor and compile regulations for management, monitoring andsupervision of this market.
Nguyen Tuan Quang, Deputy Director of the Department of Climate Change,Ministry of Natural Resources and Environment, said the ministry has issuedCircular No. 17/2022/TT-BTNMT stipulating techniques for measurement, reportand assessment of mitigation for greenhouse gas emissions and greenhouse gasinventory in the waste management sector.
Enterprises in the waste sector must perform the responsibility to provide dataand information relating to greenhouse gas inventory, implement a greenhousegas inventory and develop a periodic inventory report every two years from 2024onwards.
At the same time, these enterprises must develop and implement measures toreduce greenhouse gas emissions in the period from 2023-2025 in accordance withtheir production and business conditions.
Therefore, enterprises need to develop mitigation measures now to meet therequirements of reducing greenhouse gas emissions from 2026, otherwise it maylead to production stagnation. This is also the basis for businesses toparticipate in the carbon market and increase financial resources forreinvestment./.
VNA
