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VietNamNews

Viet Nam needs to plan carbon market participation: official

Update: March, 09/2015 - 09:33

HA NOI (VNS) — It is vital that Viet Nam formulates a master plan with short and long-term targets for the country's participation in the global carbon market, a senior climate change official said at a seminar held in Ha Noi on Thursday.

Nguyen Van Tue, Head of the Institute for Hydro-Meteorology and Climate Change, also said that Viet Nam has not implemented any project that specifically targets strengthening the capacity of designing and enacting policies and state management tools under the Nationally Appropriate Mitigation Action (NAMA) programme.

During the 10th meeting of the Partnership for Market Readiness (PMR) Assembly in Santiago, Chile in early November 2014, Viet Nam successfully defended its project to prepare a carbon market in Viet Nam (VNPMR). The project aims to pilot implementation of NAMA to create carbon credits, also known as certified emission reductions, in steel manufacturing and solid waste management.

Truong Duc Tri, deputy head of the institute, said there were several reasons for choosing steel manufacturing and solid waste sectors.

Firstly, these two sectors have the potential to discharge large amounts of carbon, and their database is relatively sufficient. Secondly, calculation of carbon reduction levels in these sectors have been identified and verified. Thirdly, a number of specific management policies on these sectors have been publicised. Lastly, this is one of the priority areas for greenhouse gas emission reduction identified in Viet Nam's national strategy on climate change as well as its Green Growth Strategy.

Tri said the implementation of NAMA to create carbon credits in steel manufacturing and solid waste management will include systematisation and synchronisation of information on carbon discharge in steel manufacturing and solid waste management and analysis of market-based instruments in the two sectors and its application in Viet Nam.

It will also include identification of carbon reduction potentiality, pilot NAMA carbon credit creation and establish a reporting system on greenhouse gas emission reduction activities.

It also covers drawing up a roadmap for domestic and international carbon credit exchange and strengthening competence of relevant partners in management and application of market instruments to these sectors.

The World Bank is funding VNPMR to the tune of US$3 million.

Seminar participants agreed that the VNPMR will contribute significantly to the Prime Minister-approved project on greenhouse gas emission management.

It will also enhance co-ordination between the Ministry of Natural Resources and Environment as well as other relevant ministries and agencies in controlling the carbon credit business, they said.

The project's outcome will serve as a foundation for building a domestic carbon market, support the National Strategy on Climate Change and improve the efficiency of climate change management mechanisms, they added.

Created under the Kyoto Protocol, the carbon market enables the trading of carbon emission allowances between developed countries, which have higher levels of greenhouse gas emissions than permitted, and developing countries, which have lower levels than permitted. The ostensible purpose of this initiative is to encourage countries and companies to limit their carbon dioxide (CO2) emissions.

Viet Nam signed the Kyoto Protocol to the United Nations Convention on Climate Change in 1998 and ratified it in 2002.

According to the National Strategy on Green Growth by 2020 with a vision until 2050, approved by the Prime Minister on September 25, 2012, Viet Nam is scheduled to reduce its greenhouse gas emissions by 8-10 percent from its 2010 figures. — VNS

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