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Discuss carbon market development
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In order to provide technical information to policymakers, implementing units involved in greenhouse gas emissions mitigation activities, on August 22, 2017, Department for Climate Change (CC) coordinated with the Asian Development Bank (ADB) in Vietnam to organize a regional workshop of the development of new mechanisms for low carbon markets.
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Mr. Nguyen Van Tue - Director Department of Climate Change spoke at the workshop.
Attending the workshop, there were Mr. Nguyen Van Tue - Director Department of CC; Mr. Eric Sidgwick - Director of ADB Bank in Vietnam; Mrs. Preety Bhandari - Director of Climate Change and Sustainable Development (ADB); Representatives from ministries, sectors and experts in the field of carbon came from China, Thailand, India and etc.
Speaking at the workshop, Mr. Nguyen Van Tue - Director of Climate Change Department, said: Building and developing the carbon market is a part of international efforts and to implement the Paris Agreement to reduce the increase of greenhouse gas concentration in the atmosphere at low cost. To provide a basis for carrying out activities and achieving the goals of the Climate Convention, the Kyoto Protocol has introduced flexible mechanisms so that developed countries and developing countries can cooperate to implement reductions quantitative greenhouse gas emissions.
During the first commitment period of the Kyoto Protocol, from 2008 to 2012, the carbon market was very active with the CDM. Some of the carbon credits outside the framework of the Kyoto Protocol, or voluntary carbon credits were also relatively active.
However, in the period from 2013 to 2020, the number of new CDM projects registered in the world has decreased significantly. The main reason for the Doha amendment to the Kyoto Protocol has not effectiveness. Developed countries (countries buy carbon credits from CDM) have not been forced to reduce emissions as required. Although a number of new mechanisms have been developed and implemented, such as the Joint Credit Facility (JCM) among Japan and some partners, new activities are only in the pilot phase and carbon credits are not yet traded in the carbon market.
At COP21, the countries didn’t approve regulations on a new mechanism that contributed to mitigating greenhouse gas emissions and supporting sustainable development. Vietnam has also determined that market mechanisms will be one of the ways to achieve its objects in greenhouse gas emission reduction. |
Kim Xuyen
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