Vietnam Discusses Carbon Market Development at COP31
At the Vietnam Pavilion at COP31, Vietnam discussed making its carbon market more transparent and efficient while strengthening international cooperation. The country sees the market as a way to meet its climate commitments and encourage businesses to update technology, save energy and reduce emissions.
The Vietnam Pavilion at COP31 hosted an event focused on developing a transparent and efficient carbon market in Vietnam and strengthening international cooperation. The event was jointly organized by the Department of Climate Change under Vietnam’s Ministry of Agriculture and Environment, the United Nations Development Programme and the United Nations Office for Project Services through the Southeast Asia Energy Transition Partnership.
Vietnam sees developing a carbon market as one way to fulfill its national climate commitments, including its goal of achieving net-zero emissions by 2050. Beyond managing emissions, Vietnam also wants the market to encourage businesses to adopt new technologies, improve energy efficiency and invest in emissions reduction solutions.
Leticia Guimaraes, head of global carbon markets at the United Nations Development Programme, said Vietnam has made progress in developing its carbon market and is gradually turning its nationally determined contributions and its commitment to net-zero emissions by 2050 into concrete action.
Guimaraes also said Vietnam has established a clear legal framework for its carbon market. She said the United Nations Development Programme is working with the Vietnamese government and the Department of Climate Change to lay the groundwork for the country’s carbon market.
Source: VietVance
