This is part of the Ministry's plan to enhance the management of carbon credits in line with the Nationally Determined Contribution (NDC).

The Ministry's plan aims to increase awareness among organizations and enterprises about the importance of carbon credits and the carbon market in achieving Vietnam's greenhouse gas emission reduction targets.

A key task is to develop a sectoral greenhouse gas emission reduction plan for the periods up to 2025 and from 2026 to 2030, as mandated by Decree No. 06/2022/ND-CP on greenhouse gas emission reduction and ozone layer protection. This plan is expected to be completed by the third quarter of 2024.

The Ministry will review the legal framework, domestic practices, and international experiences related to renewable energy certificates (RECs) management, purchase, and exchange. It will also advise authorities on organizing negotiations and signing agreements with international partners to meet the national greenhouse gas emission reduction targets.

The Ministry will assess the readiness of various sectors, such as steel and electricity production, to participate in the carbon market. It will also promote the greenhouse gas emission reduction targets, NDCs, carbon credit creation methods, and participation in both voluntary and compliant carbon markets.

The Department of Energy Saving and Sustainable Development is tasked with developing the sectoral greenhouse gas emission reduction plan and reviewing the legal basis and international experiences in REC management. This department will also coordinate with other relevant agencies to negotiate and implement international agreements on carbon credit transfers.

Other departments, including the Department of Electricity and Renewable Energy, the Electricity Regulatory Authority, and the Department of Industrial Safety and Environment, will support the Department of Energy Saving in executing these tasks.

The Ministry aims to finalize the sectoral greenhouse gas emission reduction plan and the report on REC management by September 30. The comprehensive plan will involve various departments and stakeholders to ensure successful implementation and alignment with national emission reduction goals.

Tam An