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How will carbon be exported?

How will carbon be exported?  - Photo 1.

The forest is a place to absorb and store carbon in the trunk, branches and underground (photo taken in the primeval forest in Phia Oac, Cao Bang) – Photo: NAM TRAN

May 14, Youth had a discussion with Mr. Tang The Cuong – Director of the Department of Climate Change (Ministry of Natural Resources and Environment) – about the roadmap for implementing Vietnam’s carbon market.

Enhance the competitiveness of enterprises

* Sir, how is the roadmap for the development of the domestic carbon market being implemented?

– The roadmap has two phases, from now to 2027, it will focus on developing regulations on carbon credit management, exchange of greenhouse gas emission quotas. Develop a regulation on the operation of a carbon credit exchange, pilot implementation of a carbon credit clearing and exchange mechanism in potential areas, and guide the implementation of a carbon credit exchange and clearing mechanism.

Establishing and organizing pilot operation of a carbon credit trading floor from 2025, expected for a number of sectors with large emitters such as steel, cement, thermal power… Deploying activities to increase emissions capacity building, raising awareness about carbon market development.

The second phase will organize the operation of an official carbon credit exchange in 2028. At the same time, it will regulate activities to connect and exchange domestic carbon credits with the regional and world carbon markets.

* How to understand correctly about carbon credit trading?

– First of all, we have to talk about carbon pricing including carbon tax, carbon market and carbon credit exchange and clearing mechanism. Up to now, 46 countries and 35 territories have applied carbon pricing with the participation of tens of thousands of corporations and large enterprises. Revenue in 2020 is about 50 billion USD and especially about 13 billion tons of CO . have been managed2or about 23% of total global emissions.

However, the ultimate goal of carbon pricing and carbon market establishment is to mitigate greenhouse gas emissions, contribute to climate change response and achieve other sustainable development goals.

A carbon credit is a certification or representation of the right to emit 1 ton of CO2 or 1 ton of CO2 equivalent (converting tons of other greenhouse gases to tons of CO .)2), associated with a reduction or compensation for greenhouse gas emissions.

Carbon credits are a new type of commodity created when activities to reduce emissions or absorb greenhouse gases in the process, are tracked and traded like any other commodity, therefore The carbon credit exchange is also known as the carbon market.

Through the carbon market, it is possible to enhance the reduction of greenhouse gas emissions at low costs for businesses and society, promote the development of low emission technologies, and contribute to improving the competitiveness of enterprises.

How will carbon be exported?  - Photo 2.

Quang Nam province has been selected to pilot the sale of forest carbon credits. In the photo a forest in the mountainous district of Nam Tra My – Photo: LE TRUNG

A big chance

* How do people, businesses, and the state benefit, and what is the economic value when this market is vibrant?

– With the support of the World Bank in the period 2015-2020, Vietnam has participated in the program to prepare for the construction of a carbon market (referred to as PMR).

Currently, Vietnam is participating in the program to be ready to implement the carbon market for the period from now to 2030. We will perfect the institutions and pilot a number of areas so that after 2027, the market will be able to operate. carbon in water.

Domestic carbon market goods are mainly greenhouse gas emission quotas allocated to large greenhouse gas emitters and a part of carbon credits from projects under credit exchange and clearing mechanisms. carbon only.

Forest owners are encouraged to participate in the development and implementation of programs and projects under carbon credit exchange and offsetting mechanisms to obtain carbon credits and sell them to businesses for offsetting needs. for emissions in excess of assigned quotas as well as for sale on the international carbon market.

In the past time, Vietnamese enterprises have made good use of opportunities and gained many benefits in implementing mechanisms when receiving more than 15,000 billion VND through selling carbon credits from clean development mechanism projects. (CDM) and nearly $35 million to support joint credit mechanism (JCM) projects to apply advanced Japanese low-carbon technologies, products, systems and services.

In the coming time, the Ministry of Natural Resources and Environment and relevant ministries and branches must prepare for the operation of the carbon market. It is important to support domestic enterprises to have the opportunity to implement programs and projects to reduce greenhouse gas emissions to create carbon credits to participate in the market.

At the same time, it contributes to achieving the goal of mitigating greenhouse gas emissions that Vietnam has committed to the world.

When does Vietnam export carbon?

According to a representative of the Ministry of Natural Resources and Environment, by 2028, it will operate an official carbon credit exchange to connect and exchange domestic carbon credits with the regional and world carbon market.

In fact, Vietnam has implemented many credit generating mechanisms such as clean development mechanism (CDM), joint credit mechanism (JCM) within the framework of cooperation on low carbon growth between Japan and Vietnam. .

There have been nearly 300 CDM programs and projects registered and implemented by the United Nations in Vietnam, and 14 projects under the JCM mechanism in cooperation with Japan.

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