Organizing and developing the domestic carbon market to reduce greenhouse gases emissions in Vietnam

According to the Law on Environmental Protection 2020 of Vietnam, major greenhouse gases (GHGs) include carbon dioxide (CO2), methane (CH4) and nitrous oxide (N2O). Low-concentration gases that have high global warming potential include hydrofluorocarbons (HFCS), perfluorocarbons (PFCS), sulfur hexafluoride (SF6) and nitrogen trifluoride (NF3). The reduction of GHG emissions shall focus on:

- organizing reduction of GHG emissions and GHG absorption according to a roadmap and method for reducing GHG emissions in conformity with national conditions and international commitments.

- inventorying GHGs, measuring, reporting and appraising reduction of GHG emissions at national, sector, or field level or relevant internal level;

- inspecting the compliance with regulations on inventorying of GHGs and reduction of GHG emissions, and the implementation of the mechanism and method for cooperation in reduction of GHG emissions;

- formulating and implementing the mechanism and method for cooperation in reduction of GHG emissions in accordance with regulations of law and international treaties to which Socialist Republic of Vietnam is a signatory;

- organizing and developing the domestic carbon market.

The Prime Minister of Vietnam shall promulgate a list of sectors and GHG emitting facilities subject to GHG inventory, update it every 02 years according to the ratio of GHG emissions to the total national GHG emissions; socio-economic development conditions and situation; consumption of fuels and energy per unit of product or service by businesses.

View more details at the Law on Environmental Protection 2020 of Vietnam, effective from January 01, 2022.

Ty Na

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