The Ho Chi Minh City Business Association today organized the 76th HUBA workshop.

At the event, HUBA Chairman Nguyen Ngoc Hoa said that in recent times, Ho Chi Minh City has recognized many businesses that have proactively invested in waste and wastewater treatment systems and used environmentally friendly materials for their production and business activities to meet export requirements.

Therefore, it is expected that the ‘Green Business Awards’ program launched by HUBA and SGGP Newspaper to honor green firms will continue to spread to the business community to jointly implement the national goal of Net Zero by 2050.

In 2023, the organizing committee also awarded green awards to 90 businesses. Green development not only helps businesses save a lot of costs in the production and business process but also helps businesses have many opportunities to participate in the carbon market.

Nguyen Phuong Nam, a United Nation expert on climate change, said that Vietnam currently has about 1,912 establishments conducting greenhouse gas emissions inventories according to regulations. These are the customers who will participate in the carbon market in the near future.

To be able to create carbon credits, businesses should have a vision of sustainability while they are willing to invest in clean technology and prepare for a shift in their green and sustainable business ecosystem. The outcomes of carbon credits cannot be obtained overnight, but it must take at least 3 years with the high determination of company leaders.

Talking about implementing the greenhouse gas inventory in Ho Chi Minh City, Head Cao Tung Son of Hydrometeorology and Climate Change Department under the Ho Chi Minh City Department of Natural Resources and Environment also said that the expected number of facilities must carry out the implementation. The current greenhouse gas inventory for 2023 and 2024 is 157 establishments.

Currently, Ho Chi Minh City is guiding the implementation of greenhouse gas inventories for establishments. If an establishment meets the requirements, it will be allocated greenhouse gas emission quotas by the Ministry of Natural Resources and Environment.

Organizations and individuals that want to trade in carbon credits must apply for registration with the Ministry of Natural Resources and Environment through the national registration system.

Deputy Director Nguyen Quang Thanh of Ho Chi Minh City State Financial Investment Company said that World Bank research shows that the market size of Ho Chi Minh City's products has a carbon credit value of about $790 million.

Specifically, with the energy-saving equipment project for buildings, the investment cost is about US$405.1 million, with a term of 15 years, which can reduce emissions by about 12.3 million tons of CO2 in 10 years with the value of carbon credit of about $206.9 million.

The rooftop solar power installation project worth about $280 million in 25 years can help reduce about 3.8 million tons of CO2/10 years with the value of carbon credit of about $64.5 million. The LED lighting upgrade project (131,358 lights) costing about $20.1 million with a duration of 10 years will reduce about 0.5 million tons of CO2/10 years has a value of carbon credit of about $7, 4 million. The electric motorcycle upgrade project (8,1 million vehicles), costing about $6.9 billion in 25 years will cut about 34.6 million tons of CO2 in 10 years, and the value of carbon credits will reach more than $579 million.

SGGP