This is the main content prescribed in the Prime Minister’s Directive No. 13/CT-TTg of May 2, 2024 on improving the management of carbon credits to implement the nationally determined contributions.
In order to strengthen the management of carbon credits, promote the development of the carbon market and ensure the fulfillment of NDC, the Prime Minister is issuing many new tasks and solutions.
Within this, the Ministry of Natural Resources and Environment will be tasked with urgently researching and establishing a national carbon credit registration system, managing programs, projects and activities that reduce greenhouse gas emissions and generating carbon credits to support the implementation of pilots facilitate and develop the domestic economy. carbon market, and participate in international exchanges.
The Ministry of Resources and Environment will assume the main responsibility and cooperate with other ministries and relevant agencies to urgently develop a decree amending and supplementing certain provisions of Decree No. 06/2022/ND-CP, including regulations on management of carbon credits. and domestic and international carbon credit trading activities, and submit them to the government by July 30, 2024.
The Ministries of Industry and Trade, Transport, Construction, Agriculture and Rural Development, Natural Resources and Environment will:
– Urgently issue sectoral plans for limiting greenhouse gas emissions as provided for in Government Decree No. 06/2022/ND-CP (Annex IV) and organize their implementation to achieve the goals set by the NDC to ensure established objectives, to be completed by the third quarter of 2024;
– Take primary responsibility for, and cooperate with, relevant bodies to advise authorities on organizing negotiations, signing and implementing agreements or contracts with international partners regarding the transfer of carbon credits and the results of emission reductions within their management scope.
– Assuming primary responsibility for coordinating with the Ministry of Information and Communications and related agencies to implement communication programs on responsibilities in achieving national emission reduction targets under the NDC, methods of creating carbon credits, participation in the voluntary market, and the organization and development of a compliance market.
The development of the carbon market and the mechanisms for managing, exchanging and offsetting carbon credits are important solutions for reducing greenhouse gas emissions at a reasonable cost, and contribute to increasing the competitiveness of companies and the income of people involved in emission reduction projects. as well as protecting and developing forests.
Carbon credit management involves establishing and implementing regulations regarding the creation and exchange of carbon credits, the voluntary trading of carbon credits, or the offsetting of greenhouse gas emissions quotas. It serves as the basis for the development of the domestic carbon market and participation in the global market.
The exchange, trading of carbon credits and emissions reduction results should ensure that national emission reduction targets are achieved and that the interests of the state, individuals, companies and participating partners are balanced.
