Training course sheds light on emission trading system, carbon market

Participants of the training course pose for a group photo (Source: baotainguyenmoitruong.vn)

Hanoi - An ongoing training course on the emission trading system (ETS) and carbon market has gathered 145 participants from relevant state agencies, organisations, and enterprises, making the first capacity-building activity in Vietnam with participation from both public and private sectors.

Taking place on February 26 and 27, it offers a comprehensive programme on the topics and the use of market simulation tools. Leading international experts are set to share insights into global carbon pricing implementation, necessary preparations for operating the carbon market, as well as principles of and measurement, reporting, and verification (MRV) requirements within the emission trading system.

In her opening remarks, Deputy Director Mai Kim Lien of the Department of Climate Change said that Vietnam has issued 40.2 million carbon credits for 150 projects and has conducted exchanges on the global market. It is also one of the four countries with the highest number of credit projects registered under the clean development mechanism.

To establish and operate the domestic carbon market, the country’s 2020 environmental protection law stipulates the organisation and development of the market, while the government has issued a roadmap for implementing the domestic carbon market with an important goal of piloting the carbon credit trading floor starting 2025.

According to Lien, the training course is part of activities under a Memorandum of Understanding signed between the department and the United Nations Office for Project Services (UNOPS), which aims to establish cooperative relations between the sides within the framework of the Southeast Asia Energy Transition Partnership (ETP) managed by UNOPS.

A representative of the ETP, Fritzie Vergel, held that through the course, stakeholders will have a clear understanding of the operations of the emission trading system and actively prepare to participate when the Vietnamese carbon market officially operates in 2028 as stipulated by law.

Vietnam seals major carbon credit deal, fetching $53 million Vietnam has successfully executed a landmark transaction, selling 10.3 million tonnes of CO2 emission credits to the World Bank for nearly VND1.25 trillion VND ($52.74 million), as confirmed by the Ministry of Agriculture and Rural Development to the prime minister on December 28.