HCMC – Three wind power projects in Hoa Binh District, Bac Lieu Province, will sell 990,000 carbon credits in the European market by the end of the year, bringing in 1.78 million euros.
These projects, which began operations in 2021 and started carbon credit issuance in 2022, collectively operate 39 wind turbines, said Hoang Van Cuong, director of the projects’ management board.
To date, 390,000 carbon credits in 2021-2022 have been sold. An additional 600,000 credits for 2023-2024 are expected to be verified and sold by the end of the year. Each credit is priced at 1.8 euros, Cuong said.
The projects comply with the Gold Standard (GS) certification from Switzerland, with the buyer being Swiss company South Pole. This marks a first for Bac Lieu, which has the most coastal and offshore wind projects in Vietnam, to sell carbon credits to Europe. Provincial officials are encouraging other projects to adopt similar standards to boost revenue.
According to Vietnam Television’s “Net Zero – Dear Future” program, around 100 projects nationwide have registered for carbon credit sales, with over half following the GS standard. The registration and issuance process under GS takes about two years.
