The Ministry of Natural Resources and Environment is collecting comments on the draft Decree amending and supplementing a number of articles of Decree No. 06/2022/ND-CP dated January 07, 01 of the Government regulating the mitigation of greenhouse gas emissions. glass and protect the ozone layer. Many regulations aim to strengthen greenhouse gas inventories to serve the allocation of emission quotas and prepare for the carbon market.
Based on the practical situation, the development of a Decree amending and supplementing a number of articles of Decree No. 06/2022ND-CP is necessary to effectively implement state management on mitigation of greenhouse gas emissions. glass, developing the carbon market and protecting the ozone layer, in accordance with the situation of socio-economic development and international integration, contributing to the goal of achieving net zero emissions by 0.
In the draft Decree amending and supplementing a number of articles of Decree No. 06/2022/ND-CP dated January 07, 01 of the Government regulating greenhouse gas emission mitigation and ozone layer protection, the Ministry of Finance Resources and Environment has added regulations on implementing the bilateral carbon credit exchange and offset mechanism according to Article 2022 of the Paris Agreement.
This is new content, stemming from practical needs and the negotiation process on Article 6 of the Paris Agreement. Although regulations on carbon credit transfer between countries have not reached consensus, many countries are interested and ready to sign bilateral agreements with Vietnam to implement credit-generating projects. carbon credit and international transfer of carbon credits, contributing to the target implementation under the Nationally Determined Contribution (NDC) of the partner country.
To have a basis for bilateral credit exchange, there needs to be regulations on processes and procedures for implementing carbon credit projects according to the international bilateral carbon credit offset exchange mechanism and supplementing the list of carbon credits. The section is built on conditional greenhouse gas emission reduction measures (with international support) in Vietnam's Nationally Determined Contribution and based on proposals from field-managing ministries. .
Decree No. 06/2022/ND-CP currently does not regulate the issuance of Letters of Approval for international carbon credit transfer. In addition to the bilateral carbon credit exchange and offsetting mechanism, in recent times, a number of ministries, agencies, and provincial-level People's Committees have proposed and implemented carbon credit trading agreements with international partners. international. Before exchanging carbon credits internationally, the parties need to clarify whether this exchange affects Vietnam's Nationally Determined Contribution or not, requiring a Letter of Acceptance according to international regulations.
Therefore, in the new draft Decree, the Ministry of Natural Resources and Environment has proposed to supplement a number of regulations for public investment projects in the direction of: Project managing agency signing credit purchase agreement carbon according to the Law on International Agreements, including content on the amount of greenhouse gas emission reduction expected to be transferred.
The Ministry of Natural Resources and Environment is responsible for issuing the Letter of Approval for international carbon credit transfer based on the request of the project managing agency, opinions of field-managing ministries, relevant agencies and the situation. Implement national greenhouse gas emission reduction goals. For projects that do not receive a Letter of Approval and result in mitigation of greenhouse gas emissions, carbon credits are only used for Vietnam's Nationally Determined Contribution target, not contributing to the target. Nationally determined contributions of other countries and other international mitigation targets.
On January 7, 1, the Government issued Decree No. 2022/06/ND-CP regulating greenhouse gas emissions mitigation and ozone layer protection, accordingly, specific regulations on development roadmap, timeline point of implementing the domestic carbon market.
For the period until the end of 2027, develop regulations on carbon credit management and exchange of greenhouse gas emission quotas and carbon credits; develop regulations for operating the carbon credit exchange; Pilot implementation of the carbon credit exchange and offset mechanism in potential areas and guide the implementation of the domestic and international carbon credit exchange and offset mechanism in accordance with the provisions of law and regulations. international treaties to which Vietnam is a member; Establish and organize pilot operation of a carbon credit exchange from 2025; Implement capacity building activities and raise awareness about carbon market development.
From 2028, the organization will operate an official carbon credit exchange in 2028; regulate activities connecting and exchanging domestic carbon credits with regional and world carbon markets...
The article is excerpted from the Communist Party of Vietnam Electronic Newspaper: https://dangcongsan.vn/xay-dung-xa-hoi-an-toan-truoc-thien-tai/de-xuat-quy-dinh-trao-doi-tin-chi-carbon-quoc-te-664711.html