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Ho Chi Minh City
Wednesday, October 4, 2023

PM urges development of carbon credits and hydrogen energy mechanisms

By T. Huy

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HCMC – Prime Minister Pham Minh Chinh has called on relevant ministries and departments to prioritize the formulation of regulations for forest carbon credit management and the promotion of renewable energy development.

The request was made during a recent meeting to discuss the implementation of Vietnam’s commitments made at the UN Climate Change Conference in Glasgow (COP26).

At the fourth session of the COP26 Steering Committee, participants discussed the mobilization of resources to support Vietnam’s green growth, with the goal of achieving net-zero emissions by 2050, as pledged at COP26.

PM Chinh acknowledged the challenges faced during the implementation of these commitments, particularly in the development of mechanisms and policies for green growth and the slow transition to renewable energy. This includes the need for regulations on carbon credits and hydrogen energy.

PM Chinh highlighted the slower-than-expected progress in mobilizing funding from the private sector, especially international partners. He also noted delays in preparing the report on fair energy transition across sectors and the limited awareness among officials responsible for green transition.

The prime minister said that green growth, renewable energy transition, and emissions reductions are inevitable trends in Vietnam’s development. These trends provide opportunities for the country to restructure its economy towards sustainable and environment-friendly growth. Accelerating efforts to reduce greenhouse gas emissions is crucial for the country’s sustainable development and the well-being of its residents.

During the meeting, relevant ministries and departments were tasked with implementing the Just Energy Transition Partnership (JETP) plan and mobilizing funds for JETP. They were also instructed to engage in proactive exchanges and discussions with international partners.

The Ministry of Natural Resources and Environment will lead the drafting of regulations on carbon credits or the revision of Decree 06/2022, with plans to submit it to the Government for consideration in the second quarter of next year. The ministry will collaborate with the Ministry of Agriculture and Rural Development to learn from other countries’ experiences and provide consultation to the prime minister on issuing directives regarding forest carbon credits in Vietnam.

The Ministry of Finance is responsible for completing the carbon development plan and submitting it to the Government for consideration this month. The Ministry of Planning and Investment is tasked with expediting the establishment of criteria for green growth.

The Ministry of Industry and Trade will finalize a mechanism for direct power purchase agreements on a trial basis between renewable energy generators and large power consumers to facilitate the fair transition to renewable energy.

The prime minister also requested the ministry to issue regulations to encourage the development of rooftop solar projects, complete the strategy for hydrogen production in Vietnam, and propose specific programs on renewable energy as part of the amended Electricity Law.

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