Promoting effective operation of carbon market in Vietnam

Building and developing a carbon market along with mechanisms for managing, exchanging and offsetting carbon credits is an important solution to achieve the goal of reducing greenhouse gas emissions and perfecting the current policy mechanism on the field of carbon credits.

Overview of the workshop.

On November 12, in Hanoi, the Vietnam Union of Science and Technology Associations (VUSTA) coordinated with the Vietnam Water and Environment Association to organize a workshop on "Enhancing capacity and disseminating knowledge to the community and businesses on creating credits and participating in carbon credit offset exchanges".

Speaking at the opening of the workshop, Vice President of the Vietnam Union of Science and Technology Associations, Dr. Pham Quang Thao, stated that climate change, which is taking place strongly around the world, is one of the most serious challenges of the 21st century. Implementing the commitment at the COP26 Conference, Vietnam aims to achieve net zero emissions by 2050, demonstrating its determination to join the world in responding to climate change.

The workshop contributes to perfecting the legal framework, operating mechanism and clarifying the economic , social and environmental benefits of participating in the carbon market, which is an important foundation to promote the formation and effective operation of the carbon market in Vietnam in the coming time. At the same time, providing accurate and complete information about the carbon market will help the community and businesses to participate in carbon credit trading in the market, towards a transparent, fair and internationally integrated market.

Dr. Pham Quang Thao, Vice President of the Vietnam Union of Friendship Organizations, delivered the opening speech.

Emphasizing that the construction and development of the domestic carbon market is an important economic tool, promoting businesses to transform their production models towards green and sustainable direction, Ms. Pham Thi Xuan, Permanent Vice President of the Vietnam Water and Environment Association, said that Vietnam is currently perfecting the mechanism for exchanging and offsetting carbon credits in accordance with domestic conditions, aiming for a transparent, fair and internationally integrated market.

To maximize its potential, improving policies, building monitoring capacity and enhancing international cooperation are key factors to help Vietnam deeply integrate into the global carbon market, while maintaining its commitment to achieving net zero emissions by 2050.

Giving recommendations to businesses when participating in the carbon market, Mr. Nguyen Tien Cuong, Director of the Center for Green Growth and Enterprise Environmental Protection, shared that to participate in the carbon market, businesses still face many difficulties such as: Lack of standardized emission data; high conversion costs; legal risks; uneven awareness...

However, "besides the challenges in the process of participating in the carbon market, businesses also have many opportunities to improve their competitiveness: Meeting the "greening" requirements from international partners, especially carbon tax barriers (CBAM - EU Carbon Border Adjustment Mechanism)", Mr. Nguyen Tien Cuong informed.

At the same time, new revenue can be generated from selling carbon credits or collaborating on emission reduction projects, while businesses have the opportunity to increase their sustainable brand. Connect with consumers and investors interested in green development, attract green investment and credit. Financial institutions prioritize businesses with clear emission reduction strategies.

At the workshop, the presentations provided a lot of scientific and practical information, clarifying the role, mechanism and experience in building domestic and international carbon markets; opportunities, challenges and preparation steps for businesses to effectively participate in the carbon credit market.

These discussions are of great significance, contributing to the completion of the legal framework, operating mechanism and clarifying the economic, social and environmental benefits of participating in the carbon market, which is an important foundation to promote the formation and effective operation of the carbon market in Vietnam in the coming time.

KIM OANH

Source: https://nhandan.vn/thuc-day-van-hanh-hieu-qua-thi-truong-carbon-tai-viet-nam-post922431.html