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Viet Nam seeks int'l experience for carbon market development

VGP – The Ministry of Foreign Affairs, the Ministry of Natural Resources and Environment and the Organization for Economic Cooperation and Development (OECD) jointly organized the "Seminar on Developing Carbon Market: International experience and Policy implications for Viet Nam" on November 23.

November 27, 2023 4:28 PM GMT+7
Viet Nam seeks int'l experience for carbon market development- Ảnh 1.

Experts discuss building a carbon market. Photo: VnEconomy

Nguyen Tuan Quang, Vice Director of the Department of Climate Change under the Ministry of Natural Resources and Environment, said that Viet Nam has committed to achieving net zero emissions by 2050 to contribute to the global effort in the fight against climate change.

The commitment has been specified according to the roadmap in Viet Nam's Nationally Determined Contribution (NDC) and the National Strategy on Climate Change until 2050.

As developing a carbon market is an indirect measure to achieve the goal of reducing greenhouse gas emissions, Viet Nam has decided to apply a carbon pricing tool, specifically a compliant carbon market, to support reducing greenhouse gas emissions.

The carbon market will contribute to reducing greenhouse gas emissions at low costs to businesses and society, promoting the development of low-emission technology, improving the competitiveness of Vietnamese enterprises, developing a low-carbon economy, and proactively responding to climate change.

The Government has issued a two-phase roadmap for implementing a compliant carbon market in the country. Accordingly, from now until the end of 2027, Viet Nam will focus on regulations on carbon credit management and activities of exchanging greenhouse gas emission quotas and carbon credits.

From 2028, Viet Nam will operate an official carbon credit exchange, regulating activities connecting and exchanging domestic carbon credits with carbon markets of regional and international countries.

At the same time, Viet Nam has implemented technical assistance projects to prepare for building and developing the domestic carbon market.

Shortly, the Ministry of Natural Resources and Environment said it would deploy the project "Implementing the carbon market in Viet Nam" to design and offset carbon credits and a greenhouse gas emission quota exchange system according to the prescribed roadmap.

At the conference, domestic experts and international organizations discussed issues of building a carbon market and ensuring a fair transition and solutions to strengthen international cooperation in promoting the construction of a carbon market in Viet Nam./.