Pleased to meet Mr. Kakuta Tomoki, the Deputy Minister said that responding to climate change, implementing commitments at COP26, especially the commitment to achieve net zero emissions, are currently identified by Vietnam as top priorities. Vietnam has been actively and proactively participating with the international community in reducing greenhouse gas emissions, adapting to climate change towards developing a circular, low-carbon economy.
Vietnam has issued the National Strategy on Climate Change for the period up to 2050 and the Project on tasks and solutions to implement the results of the COP26 conference. The documents all set out the goal of energy transition to fulfill Vietnam's commitment to achieve net zero emissions by 2050, developing renewable energy, including biomass energy.
Introducing Erex Company, Mr. Kakuta Tomoki informed that Erex Company is the largest biomass fuel (wood pellet) user in Japan with 06 large biomass power plants in operation with a capacity of nearly 350MW (the largest in Japan). Erex Company has achieved many different certifications for ecosystem conservation and sustainable use of biomass fuel, especially being the first power generation company in Japan to achieve the certificate of the International Certification Program for Sustainable Biomass (GGL).
In Vietnam, Erex Company is cooperating with Hau Giang Biomass Energy Joint Stock Company to implement the Hau Giang Biomass Power Plant Project with an expected capacity of 20MW. Erex has also been licensed to build biomass power plants in Yen Bai and Tuyen Quang with a capacity of 50MW, with a total investment capital of up to 100 million USD.
Mr. Kakuta Tomoki hopes that with efforts to develop renewable energy, the plants, when put into operation, will contribute to diversifying power sources, promoting the carbon neutrality process, and ensuring energy security for localities in Vietnam.
It is known that this year, Erex Company is participating in the carbon market in Japan. Based on that orientation and experience, Mr. Kakuta Tomoki expressed the possibility of participating in the carbon trading market in Vietnam and hoped that the Ministry of Natural Resources and Environment would create conditions for the company to exchange carbon credits with other businesses.
Appreciating the activities of Erex Company to reduce carbon emissions, Deputy Minister Le Cong Thanh said that the carbon market in Vietnam will be put into trial operation in 2025 and officially operated in 2028. The domestic carbon market will include activities of exchanging greenhouse gas emission quotas and carbon credits obtained from domestic and international carbon credit exchange and offset mechanisms in accordance with the provisions of law and international treaties to which Vietnam is a member.
The Deputy Minister emphasized that the Vietnamese Government in general and the Ministry of Natural Resources and Environment in particular always create favorable conditions for investors in Vietnam, especially green projects, renewable energy projects, and climate change response projects.
Accordingly, carbon credits collected from projects will be allowed to circulate in the carbon market in Vietnam in the future, and depending on bilateral mechanisms and Government priorities, can be transferred to partner countries, contributing to the implementation of the Nationally Determined Contributions (NDCs) of countries.
Currently, more than 1,900 establishments in Vietnam must prepare periodic greenhouse gas inventory reports. This is the premise for the activities that Erex is determining in the right direction, which is to provide carbon credits to the market. The Deputy Minister assigned the Department of Climate Change to work with Erex Company to listen to the voices and experiences of businesses, moving towards building policies to shape the carbon market in Vietnam./.
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