Strengthening the management of carbon credit in Vietnam

Strengthening the management of carbon credit in Vietnam (Image from the Internet)

Strengthening the management of carbon credit in Vietnam

Plan 09/KH-BTNMT dated August 6, 2024, issued by the Ministry of Natural Resources and Environment to implement Directive 13/CT-TTg dated May 2, 2024, by the Prime Minister of the Government of Vietnam on enhancing carbon credit management to implement the Nationally Determined Contributions (NDCs). It includes the following key tasks:

(1) Preside and cooperate with relevant Ministries and agencies to formulate and submit to the Government of Vietnam a Decree amending and supplementing some articles of Decree 06/2022/ND-CP on greenhouse gas emission mitigation and ozone layer protection, including regulations on carbon credit management, domestic and international carbon credit trading activities.

(2) Develop and promulgate the Greenhouse Gas Emission Mitigation Plan for the waste management sector as stipulated in Decree 06/2022/ND-CP on greenhouse gas emission mitigation and ozone layer protection.

(3) Research and establish a National Registry System for greenhouse gas emission quotas and carbon credits; manage programs, projects, activities aimed at greenhouse gas emission reduction and creating carbon credits, serving the pilot implementation and development of the domestic carbon market, and international exchange.

(4) Preside and cooperate with relevant agencies to advise the competent authorities on decisions regarding the organization of negotiations, signing, and implementation of agreements or contracts with international partners concerning carbon credit transfer, greenhouse gas emission reduction results in waste management, ensuring the achievement of emission reduction targets according to NDC; assess the readiness level to participate in the carbon market of the waste management sector.

(5) Preside and cooperate with the Ministry of Information and Communications, news agencies, and press to extensively propagate about the greenhouse gas emission reduction targets, NDC implementation, carbon credit creation methods, participation in the voluntary carbon market, and organization and development of the compliant carbon market.

(6) Collaborate with the Ministry of Agriculture and Rural Development and relevant agencies and localities with forests to determine the emission reduction potential and carbon sequestration from forests contributing to NDC targets as a basis for forest carbon credit exchange activities with international partners; develop national standards on forest carbon credits and detailed regulations on the measurement, reporting, and verification of forest carbon sequestration; develop pilot policies and mechanisms for payment based on results for high-quality and low-emission rice cultivation areas.

(7) Collaborate with the Ministry of Finance and relevant Ministries and agencies to complete the Scheme for developing the carbon market in Vietnam, submit it to the competent authorities for approval, ensuring the goal of organizing, operating both pilot and official carbon markets as set out; research and evaluate the experiences of countries in the region and internationally during the process of building, managing, operating, and developing the carbon market.

(8) Collaborate with the People’s Committees of provinces and centrally-affiliated cities in reviewing and assessing the current state of greenhouse gas emission reduction activities and measures in their areas to evaluate the potential for creating carbon credits and carbon credit exchanges; require organizations and enterprises to implement programs, projects under the mechanism for carbon credit exchange and offsetting in their localities.

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