Speakers at the seminar (Photo: VNA) Amid the inevitable trend of green transition, and low-carbondevelopment towards circular economy, the building, operation and promotion of thecarbon market becomes an increasing important tool, they said at a seminar in Hanoi on November 23.
Deputy Minister of Foreign Affairs Nguyen Minh Vu said that greenstandards are being shaped and brought into reality in the direction ofassociating international trade and investment with criteria in carbon emissionreduction, sustainable development, labour and environment.
Meanwhile, new green linkages and initiatives are beingstrengthened, which is a good time for Vietnam to set up and raise its positionin the global green value chain, the official said.
Vu underlined that the development of the green financialmarket, especially the carbon market, will be the key to successful greentransition. However, this is not an easy job, especially for developingcountries which lack systematic and quality green standards and criteria,he said.
Meanwhile, Nguyen Tuan Quang, Vice Director of the Department of Climate Changeunder the Ministry of Natural Resources and Environment, said that Vietnam hasissued important strategic documents regarding green growth and sustainable development,including a roadmap for the development of carbon pricing tools, especially thecompliance carbon market.
Initially, Vietnam aims to speed up the process of building regulationson carbon credit management and greenhouse gas emission quota exchange activitiesand guiding the implementation of domestic and international carbon creditexchange and offsetting mechanisms in accordance with the provisions of law andinternational treaties and pilot a carbon credit trading floor from 2025, hesaid.
At the conference, representatives from the Organisation for Economic Cooperationand Development (OECD) hailed the Vietnamese Government's efforts inpromoting green growth and sustainable development, and expressed impression atthe country’s commitment to net-zero emissions given at the 26th UNClimate Change Conference (COP26). They held that Vietnam boast high potentialin developing a dynamic, high-quality and efficient carbon market.
Participants noted that the compliance carbon market in Vietnam is being shaped. So far, Vietnam has had 150 projects granted 40.2 million carboncredits, becoming one of the four countries with the most registered investmentprojects under the clean development mechanism.
A number of European businesses and experts said that the EU'scarbon credit exchange system has contributed to reducing emissions andpromoting sustainable growth in profits without reducing the competitiveness ofbusinesses, while creating new jobs and promoting the building of socialclimate funds to support those severely affected by carbon taxes and climatechange.
The OECD representatives asserted that in order to build acarbon credit trading system, countries need to clearly define the goals andlimits of the system and ensure legal transparency in related fields.
Representatives from international organisations advised Vietnam to pay greaterattention to promoting a multi-stakeholder approach, strengthening cooperation amongsectors, fields and levels, encouraging the participation of the private sectorin the work, while building a carbon database.
They pledged to support Vietnam andcooperate with the country in promoting the carbon market./.
VNA
