 |
| Forests are protected to reduce greenhouse gas emissions__Photo: VNA |
Prime Minister Pham Minh Chinh has issued a directive on intensifying carbon credit management to implement the Nationally Determined Contributions (NDC).
According to Directive 13/CT-TTg of May 2, the PM emphasized the urgent need to develop a carbon market and carbon credit management mechanisms so as to reduce greenhouse gas emissions at a reasonable cost, and to promote low-emission technologies, contributing to raising the competitiveness of businesses and the income of people participating in emission reduction and forest projects.
The nation has updated the NDC and materialized other related international commitments to fulfill its commitments to cutting emissions to net zero by 2050 announced at the 26th UN Climate Change Conference (COP 26), said the directive.
Carbon credit management covers the development and implementation of regulations on mechanisms for managing the creation, exchange and trading of carbon credits on a voluntary basis or offset against gas emission quotas. It also serves as the foundation for the domestic carbon market to grow and integrate into the world.
The PM noted that the exchange and trading of carbon credits and the outcomes of greenhouse gas emission reduction need to support the country’s emission target and ensure the harmony of the interests of the State, people, businesses and other stakeholders.
To that end, he assigned specific tasks to the Ministries of Industry and Trade; Transport; Construction; Agriculture and Rural Development; and Natural Resources and Environment, which will issue and put in place greenhouse gas emission mitigation plans in the third quarter of this year.
They will also coordinate with other relevant agencies to provide consultations for competent authorities in the negotiation, signing and implementation of agreements or contracts on carbon credit transfer with international partners, and in assessing the readiness of some sectors for joining the carbon market.
The PM also called on localities to join efforts in this regard through specific measures.-(VLLF)
