Vietnam can earn hundreds of millions of dollars from carbon market
(VOVWORLD) -With 57 million forest carbon credits sold to the international market each year, Vietnam is likely to earn hundreds of million of dollars. In addition, the country can potentially generate carbon credits from the energy, industry, agriculture, and waste sectors.
 Ca Mau grows forests to develop carbon market. (Photo: laodong.vn)
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Tran Quang Bao, Deputy Head of the General Department of Forestry, Ministry of Agriculture and Rural Development, said developing a carbon market helps businesses to reduce greenhouse gas emissions, contributing to the net zero emissions target by 2050 and ensure sustainable economic development.
 Tran Quang Bao, Deputy Head of the General Department of Forestry. Photo: baogialai.com.vn |
“The forestry sector has advised to amend the Decree guiding the implementation of a number of articles of the Forest Law. There will be a provision on buyer, seller, transferable activities and the development of projects and agencies appraising, approving, measuring, inspecting and reporting. This legal framework is essential to create a forest carbon market and integrate into the general regulations of the Government when Decree 6 on the compulsory carbon market comes into effect,” Bao said.
Forestry Carbon Credits are credits that are generated from project activities to reduce green house gases including reducing emissions from deforestation and forest degradation, and improved forest management. A carbon credit represents a reduction of 1 metric ton in greenhouse gas emissions to compensate for emissions made somewhere else. A credit can be bought, sold or traded before it is “retired.”