Urgently develop separate standards for carbon credit market

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The global carbon credit market is growing rapidly.

Mr. Ha Cong Tuan, former Deputy Minister of Agriculture and Rural Development (MARD), said that Vietnam is aiming to operate a national carbon credit trading platform by 2028. To achieve this goal, it is necessary to focus on five core solutions, including raising public awareness, building an effective operating mechanism, applying independent monitoring technology, establishing a national coordination organization, and integrating international standards.

According to some agricultural and environmental experts, although Vietnam has great potential for carbon credits from forestry projects, turning this potential into reality still has a long way to go.

At the seminar on forest carbon credits held on the morning of November 21, Mr. Nguyen Dinh Tho, Director of the Institute of Strategy and Policy on Natural Resources and Environment, Ministry of Natural Resources and Environment, commented that Vietnam is developing slowly due to "a major bottleneck in the legal framework".

According to Mr. Nguyen Dinh Tho's analysis, the 2017 Forestry Law has not clarified the mechanism for sharing benefits from carbon credits, making it difficult to attract investment. However, just counting 2 million hectares of planted forests, each hectare can create an additional 120,000 tons of CO2 in 10 years.

“This will open up great economic prospects if the policy framework is completed and benefits are shared transparently,” said Mr. Nguyen Dinh Tho.

According to some agricultural and environmental experts, although Vietnam has great potential for carbon credits from forestry projects, turning this potential into reality still has a long way to go.

According to the representative of the Forestry Department, Ministry of Agriculture and Rural Development, carbon credits need to be processed quickly because their value will decrease over time, affecting the transaction price. There are still difficulties in paying for carbon credits from the agreement with the World Bank (WB). This is the first carbon credit transfer program in Vietnam, with an expected revenue of 51.5 million USD from the transfer of 10.3 million credits. However, there are still 5.9 million credits that have not been transferred because partners have not been found.

Currently, the Ministry of Agriculture and Rural Development is urgently developing its own standards to attract investment and effectively operate the carbon credit market, with the aim of not only reducing emissions but also developing a sustainable forestry economy. Because initial achievements such as signing a carbon credit transfer agreement with the World Bank; implementing payments in the North Central provinces or reducing emissions from planted forests show Vietnam's great potential.

According to experts, proposed solutions to develop the carbon credit market include building a clear legal framework, operating a national carbon credit trading floor, applying independent monitoring technology, and encouraging private and international investment. At the same time, ensuring the interests of people and businesses through a transparent sharing mechanism in accordance with international standards.

To go further, it is necessary to overcome legal weaknesses, synchronize policies and ensure people's interests. "The role of the State should stop at supporting and creating the best conditions for people and businesses to develop. Right now, we must think about an independent consulting and monitoring mechanism," said Mr. Ha Cong Tuan.

Carbon credits are considered an essential tool to implement emission reduction commitments. The two main markets are the voluntary market and the compulsory market, with prices ranging from 1-200 USD/credit depending on the type of project and applicable standards. In Vietnam, by the end of 2023, the North Central and Central Highlands regions had reduced 15.3 million tons of CO2 emissions and are expected to reach 16.5 million tons in 2024. This is the basis for Vietnam to transfer carbon credits to the Forest Carbon Partnership Fund (FCPF) or organize an auction to attract more investor interest.

Forest carbon credits - the key to a successful green transition

Source: https://baodantoc.vn/khan-truong-xay-dung-tieu-chuan-rieng-cho-thi-truong-tin-chi-carbon-1732180001460.htm