Soon to issue Directive on the Management of Forestry Carbon Credits

Prime Minister Pham Minh Chinh presided over a meeting of the national COP26 Steering Committee on July 14.

At the conference, the Steering Committee focussed on: Mobilizing resources for Vietnam's green growth towards the COP26 objective of achieving zero net greenhouse gas emissions by 2050; The plan to implement the commitment to convert coal power to clean energy, the national energy master plan, and the implementation of the national electricity development plan; The plan to implement the Glasgow Declaration on forests and land use, as well as projects to reduce emissions from forests and agriculture.

Prime Minister Pham Minh Chinh highly recognized the efforts of ministries, industries, localities, members of the Steering Committee, and enterprises for making determination and efforts and taking proactive, synchronized actions in missions, with the common goal of implementing Vietnam's commitments at COP25 responsibly, effectively, and practically, thereby contributing to the rapid and sustainable development of the country.

The Prime Minister also stated openly that, in the implementation of tasks, there are still obstacles that need to be eliminated, limitations that need to be overcome in order to do better work, such as the construction and completion of a number of mechanisms, and policies to prioritize green transformation and green development are still slow and not proactive, including regulations pertaining to carbon credits, hydrogen energy, etc.

The negotiation and completion of mechanisms, policies, and laws, as well as the removal of difficulties and obstacles to mobilizing social resources, particularly from international partners, are still slow; the preparation of reports on equitable energy transition in each sector has hardly begun, as the issue is still new to ministries and sectors; and the awareness of a portion of public service officials regarding green development is still limited.

The trend of energy conversion and emission reduction is inevitable and irreversible

According to the Prime Minister, green development, energy conversion, and emission reduction are inevitable and irreversible trends that Vietnam cannot ignore, as well as an opportunity for green and sustainable economic development and restructuring.

This necessitates that all levels, sectors, the entire population, and businesses act with greater determination, effort, and decisiveness.

The Prime Minister emphasized a number of critical issues, stating that it is necessary to improve institutions, mechanisms, and policies; mobilize all resources, including connecting and mobilizing to attract global resources, green financial flows, technology transfer, knowledge and experience of countries and international organizations.

To intensify research, development, and the transfer of technology for equipment production and the development of the renewable energy industry; to perfect management methods suitable and effective for green development; and to train and cultivate personnel for green development.

Prime Minister Pham Minh Chinh urged the Steering Committee and all levels and sectors to continue expediting the implementation of tasks in order to fulfill Vietnam's commitments made at COP26.

In the near future, ministries and agencies will finalize synchronized mechanisms, policies, and legal documents to eliminate difficulties and obstacles and mobilize the participation of the entire society in the implementation of Vietnam's COP26 commitments.

The Prime Minister also requested that the relevant ministries and sectors actively participate in the implementation of the Scheme for the Implementation of the Just Energy Transition Partnership (JETP), develop a plan to mobilize resources for the implementation of the Political Declaration for JETP, and actively communicate and discuss with the Group of International Partners, the Glasgow Financial Alliance for Net Zero (GFANZ), and other stakeholders.

The Prime Minister demanded that ministries managing greenhouse gas emissions, such as the Ministry of Industry and Trade, the Ministry of Construction, the Ministry of Transport, and the Ministry of Agriculture and Rural Development, issue documents outlining the response to climate change immediately.

The Prime Minister assigned the Ministry of Natural Resources and Environment to assume primary responsibility for, and coordinate with concerned ministries and branches in, formulating a Decree regulating the management of carbon credits; assume primary responsibility for, and coordinate with the Ministry of Agriculture and Rural Development and relevant agencies in, referring to the experiences of other countries, and advising and submitting to the Prime Minister for promulgation; and assume primary responsibility for, and coordinate with concerned ministries and branches in, formulating a Decree on the management of forest carbon credits in Vietnam.

The Ministry of Industry and Trade must expeditiously finalize and submit for promulgation the Pilot Direct Power Purchase Agreement (DPPA) between renewable energy generators and large electricity consumers in order to expedite equitable energy conversion in the performance of Vietnam's COP26 commitments.

In addition, the Ministry of Industry and Trade is tasked with issuing regulations to encourage the development of rooftop/distributed solar power projects, finalizing the Strategy for hydrogen production in Vietnam, and proposing and developing a distinct chapter on renewable energy in the amendment of the Law on Electricity.