Thursday, May 23, 2024
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Home » Vietnam Makes Efforts to Develop Domestic Carbon Market

Vietnam Makes Efforts to Develop Domestic Carbon Market

by Moana Syrypanha
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Following the Paris Climate AccordsVietnam must fulfill its mandatory obligation to reduce greenhouse gas emissions from 2021 according to the Nationally Determined Contribution. The country also needs to make efforts to reduce greenhouse gas emissions towards the goal of net-zero emissions by 2050.

In Vietnam, the voluntary exchange of carbon credits with the world has been carried out by businesses since the mid-2000s in projects and programmes under the Clean Development Mechanism – a United Nations-run carbon offset scheme.

Data from the Department of Climate Change under the Ministry of Natural Resources and Environment show that to date, more than 300 programmes and projects have registered to be implemented with carbon credit mechanisms. Of these, about 150 programmes and projects were granted more than 40.2 million carbon credits which have been exchanged on the world carbon market.

Source: Vietnam Plus

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