October 8, 2024 | 21:53 GMT +7
October 8, 2024 | 21:53 GMT +7
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On October 7, at the meeting to give opinions on completing the draft Project on Establishing and Developing the Carbon Market in Vietnam, Deputy Prime Minister Tran Hong Ha assigned the Ministry of Finance to coordinate with the Ministry of Natural Resources and Environment and other Ministries and branches to thoroughly review legal documents related to this market.
According to the draft, the carbon market in Vietnam will help achieve the goal of reducing greenhouse gas emissions at low costs while promoting green transformation, developing technology, and improving competitiveness. The pilot phase of 2025-2028 will only take place domestically, not connecting to the international market. From 2029, the market will officially operate and research the ability to connect with the international market.
The draft sets out five groups of tasks, including goods, participating entities, trading floor, operating organization, and raising awareness and capacity. Representatives of Ministries and branches discussed the assignment of management responsibilities between the Ministry of Natural Resources and Environment and the Ministry of Finance, especially related to carbon credit exchange activities.
The Deputy Prime Minister emphasized that the carbon market is a potential opportunity to attract investment and develop technology, but international regulations on quota allocation and mechanisms are still not synchronized. Therefore, Vietnam needs to implement the pilot roadmap cautiously, both deploying and perfecting, to keep up with the world's trends.
Translated by Thu Huyen
(VAN) Dak Lak has millions of hectares of agricultural and forestry land, so it has great potential for developing the carbon credit market.
(VAN) The use of biological pesticides is becoming increasingly common, offering numerous benefits and playing a crucial role in sustainable agricultural development.
(VAN) Rice variety ST25 in the smart, low-emission rice farming model yields nearly 54 million VND per hectare, about 6 million VND per hectare higher than fields outside the model.
(VAN) Coastal residents have enjoyed high economic returns from various aquatic species, with significant contributions from the Research Institute for Aquaculture 3.
(VAN) The project will assist the Tra Su forest management board in planting 60ha of new forest and nurturing 100ha of degraded forest, restoring habitats and native species.
(VAN) Low-emissions rice production becomes a mandatory requirement of international integration, an important factor in the production of export goods.