Environment

Developing carbon credit market critical to green growth: Deputy PM

Deputy Prime Minister Tran Hong Ha on January 8 requested the comprehensive development of a carbon credit market when chairing a meeting on the establishment of the market in Vietnam.
Developing carbon credit market critical to green growth: Deputy PM ảnh 1Deputy Prime Minister Tran Hong Ha speaks at a meeting on the establishment of the market in Vietnam held in Hanoi on January 8. (Photo: VNA)
Hanoi (VNA) – Deputy Prime Minister Tran Hong Ha on January 8 requested the comprehensive development of a carbon credit market whenchairing a meeting on the establishment of the market in Vietnam.

Ha stressed that the market is an opportunity for Vietnam to switch to an appropriate developmentmodel in the future.

Therefore, the project needs to containupdates on global policies and agreements as well as strategies and plans thathave been issued with the orientations on climate change response, just energytransition, and greenhouse gas emission reduction.

This move contributes to the preparation ofmajor global policies on reducing greenhouse gas emissions, allocating emissionquotas, exchanging carbon credits, and creating green financial resources forbusinesses to innovate technology, he stated.

According to a report delivered by DeputyMinister of Finance Le Tan Can, the carbon credit market in Vietnam is built inaccordance with the practical conditions and development orientations of thecountry, commitments to greenhouse gas emission reduction, and the trend of the global market. The market will contribute to making the most of the resources ofdomestic economic sectors in participating in activities to reduce greenhousegas emissions.

The project aims to ensure that thedomestic carbon credit market operates fairly, openly, andeffectively, and in accordance with international conditions and practices. It willharmonise the interests of entities in the market, and increase economic development with low carbon emissions and sustainable development.

Commodities in the carbon credit market inVietnam include greenhouse gas emission quotas and carbon credits certified tobe traded in the domestic market by the Ministry of Natural Resources andEnvironment./.                                     
VNA
#Vietnam#carbon credit market#Tran Hong Ha#meeting#climate change response#just energy transition#greenhouse gas emission reduction#vietnam news agency#vietnamplus
Follow VietnamPlus

Related News

Vietnam takes steps towards carbon credit market

Vietnam takes steps towards carbon credit market

Vietnam’s carbon market is expected to thrive in the near future, given that the country has large forest reserves and many corporations stand ready to pour billions of US dollar to purchase forest carbon credits from Vietnam.
Experts share international experience in promoting carbon market in Vietnam

Experts share international experience in promoting carbon market in Vietnam

Experts have shared international experience and gave recommendations for Vietnam in developing the domestic carbon market, including completing relevant institutions and policies, enhancing the quality of human resources and infrastructure systems, and promoting international cooperation mechanisms.

See more

Kon Plong district in the Central Highlands province of Kon Tum (Photo: VNA)

3.7 magnitude earthquake hits Kon Tum

A 3.7 magnitude earthquake hit Kon Plong district in the Central Highlands province of Kon Tum on October 23 evening, according to the Earthquake Information and Tsunami Warning Centre under the Institute of Geophysics.

Nha Trang Bay covers nearly 250 km2 and is one of the 16 marine protected areas in Vietnam. (Photo: VNA)

Nha Trang bay marine ecosystem records positive recovery

The marine ecosystem of the Nha Trang bay in the south-central province of Khanh Hoa has gradually shown positive recovery after more than 1.5 years implementing concerted solutions under a masterplan to preserve and restore coral reefs there.

At the ENV's press conference on October 22. (Photo: VNA)

ENV helps Vietnam do away with bear farming

The Education for Nature – Vietnam (ENV), Vietnam’s first non-governmental organisation focused on wildlife conservation, organised a press conference on October 22 to review its efforts over the past two decades to end bear farming for bile in the country.

Plastic bottles arranged to create a beautiful ceiling lighting system. (Photo: VNA)

Vietnam promoting circular economy through waste, packaging recycling

Sorting, collecting, and recycling packaging is one of the solutions that not only helps regenerate products but also effectively reduces environmental pollution, heard a conference on circular economy held within the framework of the Green Economy Forum and Exhibition (GEFE) 2024 in Ho Chi Minh City on October 22.

Reviving 'Green Belt' in south-central region

Reviving 'Green Belt' in south-central region

Mangrove forests are a unique and rare ecosystem that form in coastal areas and river estuaries that are influenced by tidal effects. Occupying just over 1% of Vietnam’s total forest area (14.4 million ha), yet they play a pivotal role in mitigating the impact of climate change.

UNDP recommends Can Tho establish river waste collection system

UNDP recommends Can Tho establish river waste collection system

The Mekong Delta city of Can Tho generates approximately 650 tons of waste daily. While the garbage collection rate is relatively high at 85%, the city continues to struggle with waste management that ends up in waterways, floating markets, rivers, and lakes.

Minister Counsellor Nguyen Hoang Nguyen, Deputy Head of the Permanent Delegation of Vietnam to the UN, speak at the debate. (Photo: VNA)

Vietnam raises suggestions at UNGA’s environmental, climate debate

Minister Counsellor Nguyen Hoang Nguyen, Deputy Head of the Permanent Delegation of Vietnam to the UN, on October 16 recommended several issues that the organisation and its member states should prioritise and promote in the coming time, at a meeting hosted by the Economic and Financial Committee of the UN General Assembly (UNGA)’s 77th Session.

Representatives from ministries, agencies and organisations at the launch of the ASEAN Eco-Schools Vietnam Award 2024. (Photo: baotainguyenmoitruong.vn)

ASEAN Eco-schools Award launched in Vietnam

The Ministry of Natural Resources and Environment, in coordination with the Office of the ASEAN Senior Officials on the Environment (ASOEN) in Vietnam and relevant units, held a ceremony on October 14 to launch the ASEAN Eco-Schools Vietnam Award 2024.

The National Forestry Planning for the 2021 – 2030 period, with a vision to 2050 sets a target of forest coverage rate of 42-43%. (Photo: VNA)

National Forestry Planning announced

The Ministry of Agriculture and Rural Development (MARD) has set a target of reaching a stable national forest cover rate of 42-43%, focusing on improving forest quality by 2030.

Delegates at second AZEC Leaders' Meeting (Photo: VNA)

PM urges drastic action for net-zero emission in Asia

Prime Minister Pham Minh Chinh has urged countries to take more drastic actions, with stronger will and determination, to tackle climate change, aiming for net-zero emissions across Asia as soon as possible.

Illustrative photo (Photo: VNA)

Vietnam observes International Day for Disaster Risk Reduction

The Ministry of Agriculture and Rural Development coordinated with the United Nations (UN) representative agencies in Vietnam and the Thua Thien-Hue provincial People's Committee on October 11 held a ceremony in response to the International Day for Disaster Risk Reduction and ASEAN Day for Disaster Management in Hue city.

A view of the K50 Waterfall (Hang En Waterfall) in the Kon Ka Kinh National Park in the Central Highlands province of Gia Lai. (Photo: VNA)

Network to connect ASEAN Heritage Parks in Vietnam

The Ministry of Natural Resources and Environment (MoNRE) is developing a network to connect ASEAN Heritage Parks (AHPs) in Vietnam, as part of activities in implementing the National Biodiversity Strategy to 2030, with a vision for 2050.

At the event (Photo: VNA)

Vietnam’s forestry sector leads in achieving net negative emissions

Forestry is now the only sector capable of achieving net negative emissions, thanks to the Government's forestry development policies, including the closure of natural forests, forest protection and development, coupled with international sponsorship, said Director of the Forestry Department Tran Quang Bao.

An entrepreneur pitches his ideas to the panel of experts at the workshop. (Photo: VNA)

Forest programme boosts local businesses

Vietnam has increased forest coverage from 23% in 1994 to more than 45% today, demonstrating a remarkable commitment to forestation, according to Alexis Corblin, Regional Technical Advisor of the United Nations Environment Programme (UNEP).

PM Pham Minh Chinh chairs the meeting (Photo: VNA)

PM urges drastic action for green transition

Prime Minister Pham Minh Chinh on October 2 called for stronger determination and more drastic action to combat climate change, stressing that green transformation, energy transition, and greenhouse gas emission reduction are inevitable and irreversible trends.