Directive No. 13/CT-TTg underlines the commitment to achieving net-zero emissions by 2050, as agreed at the 26th Conference of the Parties to the United Nations Framework Convention on Climate Change. Vietnam has updated its NDCs to establish specific international commitments related to emissions reductions.
Therefore, it is up to countries to fulfill the obligations set out in the United Nations Framework Convention and the Paris Agreement, which include targets in various sectors such as energy, agriculture, land use, forestry, waste management and industrial processes.
The directive emphasizes the urgency of developing and implementing plans to reduce greenhouse gas emissions in all sectors, in addition to setting up carbon markets and management mechanisms.
Prime Minister Chính emphasizes that promoting carbon markets, together with carbon credit trading and offsetting, provides a crucial path to achieving emissions reduction targets at a reasonable cost. This not only promotes development, but also strengthens the competitiveness of enterprises, while at the same time contributing to the conservation and expansion of forests and increasing the incomes of participants in emission reduction projects.
Although numerous companies in Vietnam have undertaken initiatives to generate and trade carbon credits globally since the mid-2000s, there has recently been a lack of comprehensive and accurate information on the functioning of the carbon market and the mechanisms for its management of carbon credits, in particular as regards forest carbon credits. Many entities have misunderstood these aspects.
In response, the Prime Minister has directed ministries, sectors and localities to strengthen carbon credit management, promote the development of carbon markets and ensure implementation of the NDC, while aligning the interests of government agencies, businesses, individuals and participating partners are being brought. This includes providing accurate and comprehensive information on carbon market activities and credit generation methods.
Ministries, including Natural Resources and Environment, Industry and Trade, Agriculture and Rural Development, Transport and Construction, have been directed to rapidly develop sector-specific plans to reduce greenhouse gas emissions, with the target of the NDC in the third quarter of 2024 to fulfill. to assess the sector’s readiness to participate in carbon markets.
The Ministry of Natural Resources and Environment (MoNRE) is urgently tasked to explore the establishment of a national carbon credit registration system and monitor programs, projects and activities related to the reduction of greenhouse gas emissions and the generation of carbon credits for both domestic deployment and international exchange.
The Ministry of Agriculture and Rural Development, in collaboration with relevant agencies and forest areas, is tasked with establishing a national database on current forest conditions and evaluating emissions reduction and carbon absorption potential by 2030 and beyond. This assessment will support the exchange of forest carbon credits with international partners.
Moreover, in coordination with MoNRE and relevant agencies, localities will assess and encourage organizations and companies to implement programs and projects under carbon credit exchange and compensation mechanisms, providing necessary information for aggregation according to regulations. — VNS
