Carbon trade exchange set for 2028

VOV.VN - Vietnam will officially run a carbon trade exchange in 2028, according to a draft project relating to the development of the Vietnamese carbon market as conducted by the Ministry of Natural Resources and Environment.

This market will move to intensify activities connecting and exchanging carbon credits between the country with regional and international markets.

According to the details of the draft, the nation will pilot the operation of this carbon credit market in 2025.

The project is being developed on the basis of the Government's Decree which details the reduction of greenhouse gas emissions, the protection of the ozone layer, along with the development of the carbon market.

From now until the end of 2027 the nation will primarily focus on developing regulations on carbon credit management and the exchange of greenhouse gas emission quotas and carbon credits.

It will also seek to develop regulations on operating the carbon credit market, as well as piloting the implementation of the mechanism for exchanging and clearing carbon credits in potential areas in accordance with domestic laws and provisions of international conventions to which Vietnam is a member.

It will also carry out activities aimed at improving the capacity of and raising awareness of carbon market development.

The operation of the carbon trade exchange contributes to reducing greenhouse gas emissions under the terms of previous climate commitments, especially the goal of reducing net zero emissions by 2050 under the 26th UN Climate Change Conference of the Parties (COP26).

According to the project, the Ministry of Natural Resources and Environment will be given the role of presiding over and co-ordinating with relevant ministries to organise the pilot operation and the official operation of the carbon credit trading floor, whilst compiling regulations for the management, monitoring, and supervision of the market.

Ministry of Natural Resources and Environment Nguyen Tuan Quang, deputy director of the Department of Climate Change, said the Ministry has issued Circular No. 17 which stipulates techniques for the measurement, report, and assessment of mitigation for greenhouse gas emissions and greenhouse gas inventory in the waste management sector.

Enterprises operating in the waste sector must perform the responsibility to provide data and information relating to greenhouse gas inventory, implement a greenhouse gas inventory, and develop a periodic inventory report every two years from 2024 onwards.

Simultaneously, these enterprises must develop and carry out a range of measures to reduce greenhouse gas emissions in the 2023 to 2025 period in accordance with their production and business conditions.

Therefore, enterprises must strive to develop mitigation measures now in order to meet the requirements of reducing greenhouse gas emissions from 2026, otherwise it may lead to production stagnation. This is also the basis for businesses to participate in the carbon market and increase financial resources for the purpose of reinvestment.

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