Research for establishing a national registration system for carbon credits

This is the main content prescribed in the Directive No. 13/CT-TTg dated May 02, 2024 of the Prime Minister on enhancing the management of carbon credits to implement the Nationally Determined Contributions.

In order to strengthen the management of carbon credits in order to promote the development of the carbon market, ensure the fulfillment of NDC, the Prime Minister issues many new tasks and solutions.

Within that, the Ministry of Natural Resources and Environment receives the task for urgently researching and establishing a national registration system for carbon credits, manage programs, projects, and activities that reduce greenhouse gas emissions and generate carbon credits to facilitate pilot implementation and develop the domestic carbon market, and engage in international exchanges.

The Ministry of Resources and Environment shall To assume the prime responsibility for, and coordinate with other Ministries and relevant agencies to urgently develop a Decree amending and supplementing certain provisions of Decree No. 06/2022/ND-CP, including regulations on carbon credit management and domestic and international carbon credit trading activities, and present it to the Government before July 30, 2024.

The Ministries of Industry and Trade, Transport, Construction, Agriculture and Rural Development, Natural Resources and Environment shall:

national registration system for carbon credits
Research for establishing a national registration system for carbon credits (Illustration)

- To urgently issue sectoral plans for mitigating greenhouse gas emissions as stipulated in Decree No. 06/2022/ND-CP of the Government (Appendix IV) and organize the implementation to ensure the achievement of NDC-committed goals, to be completed by the third Quarter of 2024;

- To assume the prime responsibility for, and coordinate with relevant agencies to advise authorities on organizing negotiations, signing, and implementing agreements or contracts with international partners regarding the transfer of carbon credits and the results of emission reductions within their management scope.

- To assume the prime responsibility to coordinate with the Ministry of Information and Communications and related agencies to implement communication programs about the responsibilities in achieving the national goals of emission reductions according to the NDC, methods of creating carbon credits, participation in the voluntary market, and the organization and development of a compliance market.

The development of the carbon market and the mechanisms for managing, exchanging, and offsetting carbon credits are key solutions for reducing greenhouse gas emissions at a reasonable cost, contributing to enhancing the competitiveness of businesses and the income of people involved in emission reductions projects, as well as protecting and developing forests.

Carbon credit management includes the establishment and implementation of regulations regarding for creating carbon credits and exchanging, trading carbon credits voluntarily or offsetting greenhouse gas emissions quotas. It serves as the foundation for the development of the domestic carbon market and participation in the global market.

The exchange, trade of carbon credits and the outcomes of emission reductions must ensure the achievement of national targets of emission reductions, balance the interests of the state, individuals, businesses, and participating partners.
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