Vietnam Intensifies Carbon Credit Management bet88 slot Fulfill Nationally Determined Contributions

Vietnam is ramping up efforts bet88 slot manage carbon credits effectively in pursuit of its Nationally Determined Contributions (NDCs), following its pledge bet88 slot achieve net-zero emissions by 2050.

Prime Minister Pham Minh Chinh on May 2 signed Directive No. 13/CT-TTg on May 2, 2024, emphasizing the critical role of robust carbon credit management in realizing environmental goals.

Commitment Reinforcement post COP26

At the 26th Conference of the Parties bet88 slot the United Nations Framework Convention on Climate Change (COP26), Vietnam reaffirmed its commitment bet88 slot reducing net emissions bet88 slot zero by 2050.

This commitment necessitates concrete actions outlined in the NDCs, aligning with international agreements such as the Paris Agreement. bet88 slot achieve emission reduction targets by 2030 and net-zero emissions by 2050, Vietnam recognizes the urgency of developing and implementing comprehensive plans across sectors.

The development of carbon markets and management mechanisms for carbon credits emerges as a crucial strategy. These mechanisms facilitate the efficient reduction of greenhouse gas emissions, promote the adoption of low-emission technologies, and enhance business competitiveness while preserving forests.

Although numerous businesses in Vietnam have initiated carbon credit programs since the mid-2000s, there remains a gap in understanding and implementing effective carbon market strategies.

Enhancing Carbon Credit Management

Carbon credit management involves establishing regulations for credit creation, exchange, and trading, ensuring alignment with national emission reduction targets. bet88 slot fortify carbon credit management and advance market development, the directive mandates several key actions:

Ministries across sectors must urgently issue greenhouse gas mitigation plans bet88 slot align with the Nationally Determined Contributions (NDC) commitments.

This issuance is targeted for the third quarter of 2024. Additionally, ministries will play a crucial role in facilitating negotiations with international partners, enabling agreements on carbon credit transfers. Assessing individual sectors' readiness bet88 slot enter the carbon market will also be a key ministerial responsibility.

The Ministry of Natural Resources and Environment will lead the research and establishment of a national registration system for carbon credits. This system is essential for managing programs, projects, and activities focused on greenhouse gas emission reduction, and will lay the foundation for piloting domestic carbon market development.

The Ministry will also spearhead the development of a regulatory framework bet88 slot oversee both domestic and international carbon credit exchange activities.

Forest Carbon Credit Initiative

A priority task will be the assessment of the emission reduction and carbon absorption potential of Vietnam's forests. This assessment, bet88 slot be completed by October 31st, 2024, will guide carbon credit exchange activities with international partners.

Alongside this assessment, the development of national standards and regulations specifically for forest carbon credits is necessary. The initiative will also include pilot policies designed bet88 slot drive emission reductions in rice cultivation practices.

The directive calls for coordinated efforts among ministries, agencies, and local governments bet88 slot implement emission reduction goals, evaluate carbon credit potential, and communicate climate objectives effectively.

Ministries are tasked with reviewing legal frameworks, assessing international experiences, and completing the Carbon Market Development Project. Local authorities are directed bet88 slot assess emission reduction activities and participate in communication programs bet88 slot raise public awareness.

Vietnam's directive underscores the nation's commitment bet88 slot combating climate change through robust carbon credit management. By aligning policies, enhancing oversight, and fostering cooperation, Vietnam aims bet88 slot achieve its NDC targets while contributing bet88 slot global climate action.

Through meticulous adherence bet88 slot these directives, Vietnam strides confidently towards a sustainable, low-emission future.