Developing carbon credit market critical to green growth: Deputy PM
Deputy Prime Minister Tran Hong Ha on January 8 requested the comprehensive development of a carbon credit market when chairing a meeting on the establishment of the market in Vietnam.
Deputy Prime Minister Tran Hong Ha speaks at a meeting on the establishment of the market in Vietnam held in Hanoi on January 8. (Photo: VNA)
Hanoi (VNA) – Deputy Prime Minister Tran Hong Ha on January 8 requested the comprehensive development of a carbon credit market whenchairing a meeting on the establishment of the market in Vietnam.
Ha stressed that the market is an opportunity for Vietnam to switch to an appropriate developmentmodel in the future.
Therefore, the project needs to containupdates on global policies and agreements as well as strategies and plans thathave been issued with the orientations on climate change response, just energytransition, and greenhouse gas emission reduction.
This move contributes to the preparation ofmajor global policies on reducing greenhouse gas emissions, allocating emissionquotas, exchanging carbon credits, and creating green financial resources forbusinesses to innovate technology, he stated.
According to a report delivered by DeputyMinister of Finance Le Tan Can, the carbon credit market in Vietnam is built inaccordance with the practical conditions and development orientations of thecountry, commitments to greenhouse gas emission reduction, and the trend of the global market. The market will contribute to making the most of the resources ofdomestic economic sectors in participating in activities to reduce greenhousegas emissions.
The project aims to ensure that thedomestic carbon credit market operates fairly, openly, andeffectively, and in accordance with international conditions and practices. It willharmonise the interests of entities in the market, and increase economic development with low carbon emissions and sustainable development.
Commodities in the carbon credit market inVietnam include greenhouse gas emission quotas and carbon credits certified tobe traded in the domestic market by the Ministry of Natural Resources andEnvironment./.
Vietnam’s carbon market is expected to thrive in the near future, given that the country has large forest reserves and many corporations stand ready to pour billions of US dollar to purchase forest carbon credits from Vietnam.
Experts have shared international experience and gave recommendations for Vietnam in developing the domestic carbon market, including completing relevant institutions and policies, enhancing the quality of human resources and infrastructure systems, and promoting international cooperation mechanisms.
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Deputy Prime Minister Tran Hong Ha speaks at a meeting on the establishment of the market in Vietnam held in Hanoi on January 8. (Photo: VNA) 
