Carbon Credit Market – the Road to Net Zero

On the morning of August 23, the People's Representative Newspaper organized a seminar on "Carbon credit market - the way to Net Zero" with information and exchanges from managers, scientists , and businesses in the environmental field.

According to information at the Dialogue, at the COP 26 Conference, Vietnam committed for the first time to achieving net zero emissions by 2050. This goal has also been included in the National Strategy on Climate Change for the period up to 2050, according to Decision 896/QD-TTg dated July 26, 2022 of the Prime Minister .

The guests of the discussion are National Assembly delegates, managers, experts and businesses in the environmental field.

Along with measures to reduce greenhouse gas emissions and increase greenhouse gas absorption, the carbon market is one of the effective tools to achieve the Net Zero target. According to the Ministry of Natural Resources and Environment, as of July 2024, 48 countries in the world have implemented carbon markets under a mandatory mechanism. In addition, there are voluntary carbon markets established by businesses and international organizations. Although there is no global consensus on the exchange of emission quotas and cross-border carbon credits, 82 countries and territories have signed agreements on the exchange of carbon quotas and credits.

In Vietnam, there are about 150 programs and projects that have been granted 40.2 million carbon credits and implemented according to international carbon credit exchange and offset mechanisms for exchange on the world carbon market.

According to the Government's roadmap, the domestic carbon market will be piloted in 2025 and officially operated from 2028. Implementing the Prime Minister's direction, the Ministry of Finance has developed a Project to establish a carbon market, aiming to develop a compliant carbon market in Vietnam, contributing to the goal of reducing greenhouse gas emissions according to the Nationally Determined Contribution (NDC) at low costs for businesses and society, promoting the development of low-emission technology, contributing to improving the competitiveness of businesses, developing a low-carbon economy and proactively responding to climate change, towards Net Zero by 2050.

Guests took souvenir photos at the Seminar. Photo: Duy Thong

At the seminar, National Assembly deputies, representatives of state management agencies, experts and enterprises discussed and clarified the importance of the carbon market; the potential and opportunities for Vietnam when participating in this market, along with difficulties and challenges; and proposed solutions to ensure the market operates according to plan and achieves efficiency. This will be a useful source of reference information for state management agencies in the process of building and perfecting mechanisms and policies related to carbon market operations in the coming time./.

Source: https://dangcongsan.vn/kinh-te/thi-truong-tin-chi-carbon-duong-den-net-zero-675791.html