Vietnam pioneers post-pandemic carbon pricing
Having contained the COVID-19 pandemic, Vietnam is becoming the first developing country to adopt carbon pricing in the post-pandemic period to help guide a cleaner recovery. On November 17, Vietnam’s National Assembly passed the revised Law on Environmental Protection legalizing an emission trading scheme. The law will take effect on January 1, 2022. This policy is expected to strengthen Vietnam’s commitment to greenhouse gas emission reduction under the Paris Agreement on climate change. It paves the way for the country to further tap its significant renewable energy potential, and switch to a low-carbon development model in the post-COVID-19 recovery era.