Vietnam Ramps Up Monitoring Of CO2 Credits To Meet National Goals

Vietnam Ramps Up Monitoring Of CO2 Credits To Meet National Goals - Carbon Herald
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Vietnam is ramping up its monitoring of CO2 credits in order to meet its national decarbonization goals. Prime Minister Pham Minh Chinh has issued instructions emphasizing the importance of enhancing carbon credit management in order for the country to efficiently carry out the Nationally Determined Contributions (NDC)

A major obstacle for Vietnam in achieving its national goals and meeting specific international commitments to reduce emissions on the way to reaching net zero is the absence of a centralized system to oversee and handle CO2 credits.

Despite the fact that there have been numerous efforts by businesses in Vietnam to create and trade CO2 credits globally since the mid-2000s, there is currently a lack of accurate and thorough information on how carbon markets operate and how CO2 credits are managed, especially in relation to credits issued from forest management projects.

This, in turn, has made it difficult for the government to accurately track the country’s progress towards its emission reduction targets. 

Relevant: Vietnam Working On Developing Domestic Carbon Market

In order to address this issue, the country’s prime minister has ordered new monitoring mechanisms and regulations to ensure that all carbon credits are accurately accounted for and that they are being used effectively to reduce the country’s carbon footprint.

Different ministries have been assigned to work together and create a national carbon credit registry system and evaluate the possibilities for reducing emissions and absorbing CO2 in forests, which will serve as the basis for international forest carbon credit trading.

By cracking down on the misuse of carbon credits and ensuring their proper management, Vietnamese officials are taking proactive steps to promote the development of CO2 markets and achieve their climate targets. 

Read more: Vietnam May Earn $200M Per Year From Selling Carbon Credits

Prime Minister Chính has emphasized that supporting carbon markets, as well as trading and offsetting carbon credits, offers a vital opportunity to meet emission reduction goals at a financially viable rate. 

This not only drives growth but also enhances the competitiveness of businesses, all while aiding in the conservation and growth of forests and boosting the earnings of those involved in emission reduction initiatives.

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