Hanoi Stock Exchange to pilot carbon credit exchange in 2025
The Hanoi Stock Exchange (HNX) and the Vietnam Securities Depository (VSD) have been tasked with building and running a carbon credit exchange platform in line with standards set by the Ministry of Natural Resources and Environment.
Deputy Prime Minister Tran Hong Ha mentioned this at a Thursday meeting that reviewed a draft plan for developing the carbon credit market in Vietnam.
Deputy Prime Minister Tran Hong Ha chairs a meeting on carbon credit market in Hanoi , August 22, 2024. Photo courtesy of the government's news portal.
The carbon credit market is seen as a key financing tool for Vietnam to boost green transition, reduce emissions, develop low-carbon industries, adapt to climate change, and fulfill its goal of net-zero emissions by 2050.
According to the draft plan, the carbon credit market will be piloted domestically in 2025-2028, without any sales to foreigners or connections with the international market. The carbon credits will be distributed without any fees and any bidding.
From 2029, the market will be deployed officially in Vietnam, and preparations will begin for linking up with international markets. A majority of carbon credits will be distributed without any fees and the remaining via a bidding process. The transactions will be conducted via online platforms built by the HNX and VSD.
Deputy PM Ha asked the Ministry of Finance, the Ministry of Natural Resources and Environment, the Ministry of Planning and Investment, and relevant agencies to build up a draft plan with technical details for smooth operation of the platform.
According to the Ministry of Agriculture and Rural Development, Vietnam's agricultural sector can churn out 57 million carbon credits annually, equivalent to 57 million tons of carbon dioxide.
In recent years, Vietnam has earned about $60 million from selling carbon credits. A notable deal was selling 10.3 million forest carbon credits via the World Bank in 2023, earning $51.5 million.
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