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Monday, July 22, 2024

Who will benefit from carbon credits?

By Dung Nguyen

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The carbon credit market is poised for significant growth. Who will be impacted and who stands to gain from this evolving landscape? High demand ahead With Vietnam’s commitment to achieving net-zero emissions by 2050, establishing a carbon credit market has become a necessity. Enterprises responsible for substantial greenhouse gas emissions will be the first to feel the effects. In early 2022, the Government outlined specific sectors and 1,912 facilities required to undergo greenhouse emissions audits based on energy consumption criteria. This list encompasses production facilities in sectors like electricity, steel, garments, and electronics, as well as commercial spaces such as buildings, malls, and hotels. After emissions audits, the next step involves emission control through the creation of a carbon quota and credit trading system. Globally, this system allocates carbon quotas to enterprises, setting their maximum emissions. Companies exceeding these quotas can offset by purchasing quotas from those emitting less or by acquiring carbon credits. Greenhouse emission audits have also become a regulatory requirement for listed companies. On August 8, the State Securities Commission issued the greenhouse emission handbook. Enterprises must reduce emissions not just to be included in sustainability reports, but also to align with the growing demand for environmentally […]
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