Opportunities for the Carbon Credit Market
During the meeting, Dr. Nguyễn Linh Ngọc, Chairman of the Vietnam Water and Environment Association, introduced the Association and its activities. He shared insights on the orientation and development policies of the carbon credit trading platform in Vietnam. He emphasized how the Vietnam Water and Environment Association could collaborate with businesses, particularly its members, to support and develop the carbon credit market.
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Overview of the Meeting Between the Vietnam Water and Environment Association and the ASEAN Carbon Credit Trading Platform Joint Stock Company (CCTPA).
The meeting also discussed areas of potential collaboration to meet the needs of CCTPA and its partners.
COP28: CT Group Collaborates with AirCarbon Exchange to Develop Emissions Reduction Sector
Information
The carbon market was initiated in 1997 with the adoption of the Kyoto Protocol by the United Nations Framework Convention on Climate Change. Under this protocol, developed countries are obligated to reduce greenhouse gas emissions either directly or by purchasing emission reduction credits from other nations. This led to the emergence of a new commodity known as carbon credits or carbon offsets, traded in what became known as the carbon market.
Currently, there are 58 developed countries with established carbon markets, 27 countries implementing carbon taxes, and some countries applying both mechanisms. These nations have established carbon credit trading platforms and conducted numerous transactions, generating significant revenue and setting trends for countries yet to participate in carbon markets.
Vietnam is considered to have significant potential in supplying carbon credits, particularly in the agriculture sector, where it could potentially generate 57 million carbon credits annually, equivalent to absorbing 57 million tons of CO2. The buying and selling of emission reduction credits on the market is an advanced method increasingly adopted by many countries, creating the global carbon market, including in Vietnam.
Source: E-Magazine Môi Trường & Cuộc Sống.
