In order to achieve net-zero emissions by 2050, the Ministry of Natural Resources and Environment (MONRE) is working on a draft decision promulgating environmental criteria and providing certification of projects eligible for grant of green credit and issuance of green bonds.
As per the draft, to be granted with green credit and permitted to issue green bonds, projects or project items must satisfy environmental criteria, including screening criterion and threshold criterion, meet environmental targets, and comply with the “Do No Significant Harm” requirement which means conformity with environmental protection master plans, provincial master plans and local environmental standards and technical regulations, if any, and compliance with environmental impact assessment requirements, environmental licenses and other regulatory requirements.
Under the draft, the determination of whether a project is on the green classification list would be carried out in case the project owner wishes to be granted with green credit or issue green bonds but does not apply for certification of inclusion in the green classification list for application for relevant incentives and supports under the law on environmental protection. In this case, credit institutions, foreign bank branches and bond issuers would take responsibility for determining the projects’ eligibility for green credit and issuance of green bonds under regulations.
As for certification of eligibility for green credit and issuance of green bonds, the draft proposes two options: certification by independent assessment organizations or certification by competent state agencies.- (VLLF)