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Wednesday, June 19, 2024

Beneficiaries of carbon credit sales

By Pham Loc Ha-Luu Minh Sang (*)

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With immense potential, the forest carbon credit market is raising questions about how revenue from carbon credit trading can be equitably shared among stakeholders Climate change and the carbon market The foundation of the carbon credit market can be traced back to the 1997 Kyoto Protocol for Climate Change, with Article 6 of the 2015 Paris Agreement providing the framework. Over time, global consensus has emerged regarding the establishment and operation of carbon markets to fund efforts aimed at reducing greenhouse gas emissions. Carbon credits, each representing the right to emit one ton of carbon dioxide or an equivalent volume of greenhouse gases, are tradable commodities on this market. At the 26th Conference of the Parties (COP 26), Vietnam, which is one of the most affected countries by climate change globally, made strong commitments to achieving net-zero emissions by 2050. Additionally, Vietnam pledged to reduce methane emissions by 2030, endorsed the Glasgow declaration on forests and land use, and actively engaged in global alliances for adaptive actions. The country is also in the process of developing its domestic carbon market, with plans to pilot it in 2025 and establish the carbon credit exchange by 2028, as per the Ministry of […]
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