Training course focuses on ETS and carbon markets

Training course on ETS and carbon markets using the CarbonSim simulation tool organised in Hanoi and Ho Chi Minh City

The two-day training course was organised on December 9-10 in Hanoi, and on December 12-13 in Ho Chi Minh City.

CarbonSim is a training tool that helps people understand how carbon markets, emissions trading markets, work, and how carbon portfolio management can be used to understand the challenge and to address the challenge.

The training is part of the technical assistance course to simulate the Emission Trading System (ETS) in Vietnam. The scheme is part of the Southeast Asia Energy Transition Partnership’s support for the Department of Climate Change and the Ministry of Natural Resources and Environment (MoNRE), as it promotes the development of a Vietnamese domestic carbon market and a carbon exchange, which will be piloted in 2025 and fully operational by 2028.

The primary goal of the technical assistance is to develop and organise training courses on ETS, utilising the ETS simulation tool tailor-made for Vietnam.

Establishing and developing a carbon market is one of the major policies of the party and the state, as specified in the Law on Environmental Protection 2020 and documents guiding the implementation of the law. In particular, developing a carbon market is one of the solutions to reduce greenhouse gas (GHG) emissions and achieve the goal of carbon neutrality by 2050 as committed by the Vietnamese government at COP26.

Nguyen Tuan Quang, deputy director of the Department of Climate Change under the Ministry of Natural Resources and Environment said, "To reduce GHG emissions, the economy must become 'green', switching from fossil fuels to clean and renewable energy, using resources such as water and energy effectively, and developing new forest ecosystems, one of the key solutions for absorbing carbon."

"According to Decree No.06/2022/ND-CP, Vietnam will pilot the carbon market in 2025 and the official market will operate in 2028 and connect with the world carbon market. Therefore, we have very little time left to prepare. In addition to the responsibility of the state management agency, there are also responsibilities and opportunities for the private sector."

In October, Deputy Prime Minister Tran Hong Ha hosted a meeting to discuss establishing a carbon market for the government. The MoNRE also advised the government to amend Decree 06 to have regulations on the operation of the carbon credit trading floor, calculation of emission quotas, and allocation of emission quotas.

"Enterprises need to have specific preparations so that when the regulations on the carbon market are issued, they can immediately participate in the market," Quang said.

This training course on ETS and the carbon market uses the CarbonSim simulation tool, which is an opportunity for experts to present, introduce simulation tools and train in using the simulation tool for the GHG emission quota trading system.

“Thousands of people have participated in Carbonsim over the last dozen years, in China, Korea, Japan, Thailand, Cambodia and Laos, and Europe. But in Vietnam, the version that we're running now is one that's been tailored for the participants who are fortunate to be in a position to make a difference in how Vietnam implements the emissions trading programme,” said Josh Margolis, a lecturer and operator of the CarbonSim tool.

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