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Saturday, June 22, 2024

PM urges swift action on carbon credit system

The Saigon Times

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HCMC – Prime Minister Pham Minh Chinh has issued a directive calling for urgent steps to establish a national carbon credit registry, aligning with Vietnam’s net-zero emissions goal by 2050.

The directive highlights the pivotal role of forests in Vietnam’s emissions reduction endeavors. The carbon credit system will oversee the nation’s emissions cut initiatives and facilitate carbon trading with international partners.

Relevant agencies are assigned with developing sector-specific strategies for emissions reduction and assessing the market’s readiness.

The Ministry of Agriculture and Rural Development will establish a database on forest carbon sequestration potential to streamline forest carbon credit trading.

The Ministry of Finance will build a comprehensive carbon market framework in Vietnam, drawing on international best practices to ensure effective implementation.

Provincial governments are tasked with evaluating local emissions reduction activities and identifying opportunities for carbon credit generation and trading.

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