Carbon market development helps reduce greenhouse gas emissions

By developing and operating the domestic carbon market, Vietnam will effectively reduce carbon emissions. This will happen due to the increase in compatibility with international carbon pricing mechanisms, link with international and regional carbon markets, and increase competition among Vietnamese products, according to experts.

Assoc. Prof. Dr. Nguyen The Chinh, former director of the Institute of Strategy, Policy on Natural Resources and Environment under the Ministry of Natural Resources and Environment (MoNRE), said managers need to perfect legal provisions on developing the carbon market to attract participation in this field. Developing a carbon market with the proactive participation of businesses plays an important role in implementing Vietnam’s commitments at the 26th United Nations Climate Change Conference of the Parties (COP26) in 2021 in the UK, Chinh said.

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