The Ministry of Natural Resources and Environment is urgently researching and establishing a national carbon credit registration system. The Prime Minister requested this task in Directive No. 13/CT-TTg on strengthening carbon credit management to implement Nationally Determined Contributions.
The Ministry of Natural Resources and Environment is also required to manage programs, projects, and activities to reduce greenhouse gas emissions, create carbon credits to serve pilot implementation and development of the domestic carbon market and discuss with international.
At the same time, the ministries of Industry and Trade, Transport, Construction, Agriculture and Rural Development, Natural Resources and Environment urgently promulgate plans to reduce greenhouse gas emissions at the field level according to the provisions of Decree No. 06/2022/ND-CP of the Government (Appendix IV) and organize implementation to ensure the achievement of committed goals under the NDC, completed in the third quarter of 2024.
Ministries and sectors coordinate with relevant agencies to advise competent authorities to decide on organizing negotiations, signing and implementing agreements or contracts with international partners on carbon credit transfer. , results of reducing greenhouse gas emissions in the areas under management, ensuring the implementation of emission reduction goals according to the NDC; Assess the readiness of some sectors to participate in the carbon market.
The Ministry of Agriculture and Rural Development shall preside over and coordinate with the Ministry of Natural Resources and Environment, relevant agencies, and localities with forests to urgently build a database on the current status and assess the potential for emission reduction and absorbing carbon from forests at national, regional and local levels until 2030, vision to 2050.
At the same time, coordinating with the Ministry of Natural Resources and Environment, relevant agencies, and localities with forests to identify the potential to reduce emissions and absorb carbon from forests to contribute to the implementation of NDC goals to serve as a basis for forest carbon credit exchange activities with international partners; completed before October 31, 2024; develop national standards for forest carbon credits and detailed regulations on measuring, reporting, and appraising forest carbon absorption; Develop a pilot policy and results-based carbon credit payment mechanism for areas specializing in high-quality and low-emission rice cultivation.
The Ministry of Industry and Trade presides over and coordinates with relevant agencies to review the legal basis, the practical situation in the country, and international experience in management, trading, and exchange of renewable energy certificates ( REC) associated with implementing national emission reduction goals, proposing management regulations (if any) and reporting to the Prime Minister before September 30, 2024.
The Ministry of Finance presides and closely coordinates with the Ministry of Natural Resources and Environment, relevant ministries, and agencies to complete the carbon market development project in Vietnam, submit it to competent authorities for approval, and ensure the target is met. Organize, pilot, and officially operate as proposed; Research and evaluate the experiences of regional and international countries in building, managing, operating, and developing carbon markets.
The Ministry of Information and Communications coordinates with relevant ministries to direct news agencies, press agencies, and radio and television stations at central and local levels to develop and implement communication programs on the implementation of national goals of greenhouse gas emission reduction, Nationally Determined Contributions (NDC), carbon credit generation methods, voluntary carbon market participation, organization and development of compliant carbon markets.
Directive No. 13/CT-TTg emphasizes the implementation of the commitment to reduce net emissions to "zero" by 2050 at the 26th Conference of the Parties to the United Nations Framework Convention on Climate Change ( COP26), Viet Nam has updated its Nationally Determined Contribution (NDC), concretizing international commitments on emissions reduction. Implementing the NDC is the responsibility of countries to implement the United Nations Framework Convention and the Paris Agreement on climate change. However, in recent times, many organizations, businesses, and people still need to adequately understand the carbon market and how to create carbon credits to trade.
Carbon credit management includes developing and implementing regulations on the mechanism for managing the creation of credits and the exchange and trading of carbon credits in the voluntary form or compensation for Greenhouse gas emission quotas; it is the basis for developing the domestic carbon market and participating in the world market.
The exchange and sale of carbon credits and the resulting reduction of greenhouse gas emissions need to ensure the implementation of the national greenhouse gas emission reduction target, harmonizing the interests of the State and people, businesses, and other partners, the Directive states.
Khanh An