“The Ministry of Industry and Trade is reviewing the legal framework, domestic practices and international experiences regarding the management, purchase and exchange of renewable energy certificates (RECs). Photo: Hoang Ha”
This is part of the ministry’s plan to improve the management of carbon credits in line with the Nationally Determined Contribution (NDC).
The ministry’s plan aims to raise awareness among organizations and enterprises about the importance of carbon credits and the carbon market in achieving Vietnam’s greenhouse gas emissions reduction targets.
An important task is to develop a sectoral plan for the reduction of greenhouse gas emissions for the periods up to 2025 and from 2026 to 2030, as prescribed by Decree No. 06/2022/ND-CP on the reduction of greenhouse gas emissions and the protection of the ozone layer. This plan is expected to be ready in the third quarter of 2024.
The ministry will review the legal framework, domestic practices and international experiences related to the management, procurement and exchange of renewable energy certificates (RECs). It will also advise authorities on organizing negotiations and signing agreements with international partners to meet national targets for reducing greenhouse gas emissions.
The ministry will assess the willingness of various sectors, such as steel and electricity production, to participate in the carbon market. It will also promote greenhouse gas emissions reduction targets, NDCs, carbon credit creation methods, and participation in both voluntary and compliant carbon markets.
The Ministry of Energy Saving and Sustainable Development is in charge of developing the sectoral plan for greenhouse gas emissions reduction and assessing the legal basis and international experiences in REC management. This department will also work with other relevant agencies to negotiate and implement international agreements on the transfer of carbon credits.
Other departments, including the Ministry of Electricity and Renewable Energy, the Electricity Regulatory Authority and the Ministry of Industrial Safety and Environment, will support the Ministry of Energy Conservation in carrying out these tasks.
The ministry aims to complete the sectoral greenhouse gas emissions reduction plan and REC management report by September 30. The comprehensive plan will involve various departments and stakeholders to ensure successful implementation and alignment with national emissions reduction targets.
Tam An