A wind farm in Ninh Thuận Province. — VNA/VNS Photo

The Ministry of Industry and Trade (MoIT) has issued a plan to the Prime Minister on strengthening carbon credit management in order to implement the Nationally Determined Contribution (NDC).

According to the plan, the industry and trade sector will focus on implementing a number of key tasks.

Firstly, they will need to develop a sector-level greenhouse gas emissions mitigation plan to 2025 and in the 2026-30 period, under the management of the MoIT (according to the provisions of Decree No 06/2022/NĐ-CP dated January 7, 2022) setting out plans to mitigate greenhouse gas emissions and protect the ozone layer, completed in the third quarter of this year.

Secondly, under details within the directive ( No 13/CT-TTg dated May 2) presiding and coordinating with relevant agencies to advise competent authorities to decide on negotiations, signing and implementing agreements or contracts with international partners on transfer carbon credits, reporting the results of reducing greenhouse gas emissions in the areas under the management of the industry and trade sector in accordance with the national greenhouse gas emission reduction goal.

Under the plan (Document No 4107/KH-BCT), they will need to evaluate the readiness to participate in the carbon market of a number of potential sectors in the industry and trade sector.

They also need to conduct a review of the legal basis, domestic real situation and international experience on management, trading and exchange of renewable energy certificates (RECs) associated with implementing the national emissions reduction goal.

The final part of the directive sets out the goals in reducing greenhouse gas emissions, implementing the NDC, methods of creating carbon credits, participating in the voluntary carbon market, and organising and developing the carbon market in terms of compliance for the industry and trade sector. — VNS