Promoting cooperation in developing carbon markets

At the meeting within the framework of the 28th Conference of the Parties to the United Nations Framework Convention on Climate Change (COP28) in Dubai, United Arab Emirates, Minister Dang Quoc Khanh and Mr. Chris Leeds, Global Head of Carbon Market Development, Standard Chartered Bank, met, worked and agreed on many cooperation contents between the two sides in the coming time.

Minister Dang Quoc Khanh and Mr. Chris Leeds, Global Head of Carbon Market Development, Standard Chartered Bank, met, worked and agreed on many cooperation contents between the two sides in the coming time.

At the meeting, Minister Dang Quoc Khanh said that as one of the countries most affected by climate change, Vietnam always strives to do its best to develop green, respond to climate change effectively and sustainably. As an agency with potential and experience, Minister Dang Quoc Khanh suggested that Mr. Chris Leeds and Standard Chartered Bank cooperate to develop the carbon market in Vietnam.

The Minister emphasized that responding to climate change and implementing commitments at COP26, especially the commitment to bring net emissions to "0", are currently identified by the Vietnamese Government as top priorities. Currently, Vietnam is actively and proactively participating with the international community in reducing greenhouse gas emissions, adapting to climate change towards developing a circular, low-carbon economy . In order to promote private sector investment in economic sectors that reduce greenhouse gas emissions, Vietnam is in the process of preparing to establish a carbon market. Accordingly, the pilot exchange of greenhouse gas emission quotas and carbon credits will begin in 2025. The market will officially come into operation in 2028. Some priority pilot sectors include thermal power, cement and steel production, and waste management.

Acknowledging the opinions shared by Minister Dang Quoc Khanh, Mr. Chris Leeds said that Vietnam needs to soon participate in the international carbon market, take advantage of cooperation and the Ministry of Natural Resources and Environment will be the focal agency to advise the Government on action programs.

Minister Dang Quoc Khanh said that Vietnam also plans to have activities to connect and exchange domestic carbon credits with regional and global carbon markets. At the meeting, the Minister thanked Standard Chartered Bank for connecting the Ministry of Natural Resources and Environment and the Voluntary Carbon Exchange CIX to learn about the construction of a suitable carbon trading platform for Vietnam and share practical experience in building a carbon market framework.

Overview of the reception and working session between Minister Dang Quoc Khanh and Mr. Chris Leeds and the Standard Chartered Bank delegation

The Minister believes that carbon exchanges like CIX will bring great benefits to developing countries like Vietnam. The Minister suggested that in the coming time, Mr. Chris Leeds and Standard Chartered Bank will continue to accompany the Ministry of Natural Resources and Environment in building and managing the carbon credit exchange; at the same time, invest in connecting the carbon credit exchange with carbon credit exchanges in the region and the world.

The Minister also requested the Bank to regularly share and update its experience and expertise to support the Ministry in this field.

Mr. Chris Leeds said that he and Standard Chartered Bank are willing to cooperate and support the Ministry of Natural Resources and Environment in developing the domestic carbon market and connecting with international partners to mobilize resources for climate change response activities.

On this occasion, the Minister respectfully invites you to visit and work with the Ministry of Natural Resources and Environment as soon as possible to continue discussing cooperation issues related to the carbon market.

Source