Building carbon credit management mechanisms crucial: PM
Prime Minister Pham Minh Chinh emphasised the urgent need to develop a carbon market and carbon credit management mechanisms in his recently-issued directive.
In Vietnam, since the mid-2000s, many businesses have rolled out carbon credit programmes and projects, notably those under the Clean Development Mechanism (CDM). However, many organisations, enterprises and individuals have yet to be fully aware of the carbon market and how to create carbon credits to be traded in the market, according to 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.
