PM urges swift set-up of national carbon credit registry
Prime Minister Pham Minh Chinh underscored the urgency of developing and implementing plans to mitigate greenhouse gas emissions, develop carbon markets, and establish mechanisms for managing carbon credits.
Defining the potential to reduce greenhouse gas emissions (Photo: Vietnam+)
Prime Minister Pham Minh Chinh signed Directive 13/CT-TTg, dated May 2, 2024 on strengthening carbon credit management to implement the Nationally Determined Contributions (NDC).
The document reaffirms Vietnam’s commitment to achieving net zero emissions by 2050, as pledged at the 26th United Nations Climate Change conference (COP-26). At the event, Vietnam updated its NDC that formalizes the global emission reduction goals.
Since the mid-2000s, businesses in Vietnam have engaged in initiatives generating carbon credits, particularly through the Clean Development Mechanism (CDM) projects, and have participated in the global voluntary carbon market.
Illustrative image (Source: Vietnam+)
The Government leader tasked the Ministries of Natural Resources and Environment, Industry and Trade, Agriculture and Rural Development, Transport, and Construction to promptly issue plans to mitigate greenhouse gas emissions in the third quarter of 2024.
Specifically, the Ministry of Natural Resources and Environment bears the prime responsibility for the early establishment of a national registration system for carbon credits, management of programmes, and projects. That includes activities to reduce greenhouse gas emissions and create carbon credits for pilot implementation and carbon market development, and international exchanges.
The Ministry of Agriculture and Rural Development was requested to work with the Ministry of Natural Resources and Environment, relevant agencies and forest localities to build a database on the current status and evaluate the potentials to reduce emissions and absorb carbon from forests at national, regional and local levels until 2030 and with a view to 2050.
This task is mandatory, to be completed before October 31, 2024.
The involved parties are also requested to develop national standards on forest carbon credits and detailed regulations on measurement, report, and appraisal of forest carbon absorption.
They are also required to develop pilot policies and results-based carbon credit payment mechanism for areas specializing in high-quality and low-emission rice cultivation.
The Ministry of Industry and Trade is tasked to coordinate with relevant agencies to review the legal basis, real situation and international experience on management, trading and exchange of renewable energy certificates, along with implementing national emission reduction goals, reporting to the Prime Minister before September 30, 2024.
The Ministry of Finance is to work closely with the Ministry of Natural Resources and Environment, and other relevant ministries and agencies to complete the project developing the carbon market in Vietnam. They are then to submit it to competent authorities for approval, as well as conduct research and evaluate regional and international experience in building, managing, operating and developing carbon markets.
The Prime Minister also requested the People’s Committees of centrally-run cities and provinces to review and evaluate the current status of activities and measures to reduce greenhouse gas emissions in their areas to assess the potential for carbon credit creation and exchange.
According to statistics from the United Nations Framework Convention on Climate Change, Vietnam ranked 5th among countries that create carbon credit.
Currently, more than 1,910 businesses nationwide are required to inventory and report their level of greenhouse gas emissions in the fields of energy, transportation, construction and waste management./.
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