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posted 1 year ago
It is expected that in the future, each year Vietnam will have about 10.8 million voluntary carbon credit provided, accompanied by a large exchange and purchase demand. The formation of a carbon market helps our country seize opportunities in effectively reducing carbon emissions, increasing compatibility with international carbon pricing mechanisms.
Vietnam has taken significant steps to fulfill its commitments under the Paris Agreement and the COP 26 Conference by issuing various legal documents to implement climate change mitigation and adaptation measures. One key aspect of this effort is the establishment and growth of the domestic carbon market. The direction for building this market is primarily outlined in two important legal documents: the 2020 Law on Environment Protection and the guiding Decree No. 06/2022/ND-CP.
A Carbon Credit is a commercially tradable certificate that represents the right to emit one tonne of carbon dioxide (CO2) or equivalent. Specifically, programs and projects under the mechanism of exchange and offset allow the acquisition of Carbon Credits. Furthermore, it is possible to convert these credits into clearing units for GHG Emission Quotas on the trading floor. Additionally, it is important to note that one (1) Carbon Credit is equivalent to one (1) tonne of CO2 equivalent.
They will begin implementing a pilot carbon credit exchange in 2025. By the end of 2027, they will establish regulations on carbon credit management, GHG emission quotas, and carbon credit exchange. From 2028 onwards, the carbon credit exchange will officially operate, with regulations in place to connect the domestic market with regional and global carbon markets.
Enterprises, particularly those with carbon credits from green projects, anticipate an array of opportunities arising from the carbon market. It will create avenues for revenue generation through trading GHG Emission Quotas or Carbon Credits. Vietnam’s stable legal framework has the potential to attract foreign investors, leading to increased investments in sectors like renewable energy, clean fuels, and eco-friendly industries.
For the full detail of this post, please reference on this link: http://hmlf.vn/vietnam-will-officially-operate-a-carbon-credit-exchange/
Harley Miller Law Firm “HMLF”
Head office: 14th floor, HM Town building, 412 Nguyen Thi Minh Khai, Ward 05, District 3, Ho Chi Minh City.
Phone number: +84 937215585
Website: hmlf.vn
Email: [email protected]
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