Carbon accounting and biodiversity accounting are among the foundations that Vietnamese companies must implement right now in order to reach the net-zero target by 2050, experts said at a seminar discussed about the circular economy in HCM City on Monday.

At the seminar, experts shared that along with financial reports, carbon accounting is now so important and needs to be in focus immediately.

During a discussion at the seminar, Nguyễn Đình Thọ, general director of the Institute of Strategy and Policy on Natural Resources and Environment, stressed that carbon accounting and auditing do not cost enterprises; they are valuable for enterprises.

Reaching the three goals of financing, improving capacity and technology transfer, enterprises will successfully transform to a circular and green economy, he said.

In terms of capital, experts at the seminar shared information about green credits and carbon credits which have been used globally.

They also discussed the importance of setting up a transparent carbon credit market with a clear legal framework to encourage companies to boost their practices on ESG, cut down carbon emission as well as take advantage of the financial benefits brought by carbon credits.

In fact, the Government is piloting carbon credits in some places and experts suggested that carbon credits should be developed on the same platform with the stock exchange.

In addition to carbon credits, during the seminar, representatives for companies shared experiences and lessons learnt during the time implementing the transformation into a circular economy.

Accordingly, companies all agreed that improving knowledge of both their staff and customers is an important element.

First Green Media Award launched

The seminar was an event that Green Media Hub, a club of journalists reporting about green economy, organised in co-operation with Natural Resources and Environment newspapers and the Việt Nam Journalist Association’s Centre for Press Culture.

On the same day, the seminar’s organisers announced the first edition of the annual Green Media Award.

The Green Media Award is important, contributing to communication activities as well as policy consultation and criticism. The award also particularly updates activities of the Government and companies in implementing the commitment of Việt Nam at COP26.

In addition, the award contributes to raising the awareness of people and the business community about the necessity and responsibility in transitioning to a circular economy and developing a green economy, towards a commitment to reach net zero by 2050.

It honours solutions and initiatives as well as models in developing a carbon market and protecting the environment.

Members of Green Media Hub are journalists and writers from Việt Nam and foreign countries.

The award will be presented in June 2024, and the prize is VNĐ100 million (US$2,000). — VNS