Vietnam's CT Group has signed a cooperation agreement on carbon emission reduction with Sustain.Life – an American carbon credit platform with a huge database of carbon emissions worldwide.
The deal was inked on the sidelines of a visit by a high-ranking Vietnamese delegation to attend the ongoing APEC Economic Leaders’ Week in San Francisco.
The group said in a press release that the platform “enables businesses to join the carbon credit market without requiring human resources knowledgeable about carbon credits.
“In particular, it provides governments and municipal authorities with a comprehensive, sharp tool to manage emissions in real time, as well as build sustainable development strategies in a macro direction.”
The platform also helps the Big 4 auditing firms implement environment - society - corporate governance (ESG) plans with full models and real data.
The two businesses will jointly carry out several activities in the ASEAN market including: developing carbon credit projects; authenticating and issuing carbon credits; operating carbon trading floors and connecting green investment funds with clean energy projects; implementing carbon absorption projects; training experts; and transferring decarbonization technology.
The cooperation will facilitate the green growth trend in the domestic economy and improve resilience and adaptation to climate change.
CT Group is the first enterprise in Vietnam to launch the Carbon Credit Trading Platform ASEAN (CCTPA).
It has actively provided information and advice to businesses, organizations and individuals in Vietnam on how to build, register and verify carbon credit projects and carbon credit exchange and compensation mechanisms in the region and the world.
Many Vietnamese exporters have used sustainability measurement and assessment tools from the U.S. or the E.U. to meet international environmental management standards. Now, Sustain.Life, along with its carbon valuation and ESG performance measurement tool system, marks its involvement in Vietnam through CCTPA and CT Group.
“CT Group is the first strategic partner of Sustain.Life in Vietnam, focusing on carbon emission reduction. The two sides will coordinate to initiate many specific actions and make more efforts to solve global environmental challenges,” the release said.
With Vietnam considered one of the most vulnerable countries to climate change impacts, the carbon credit market can be an effective solution to achieve its emission reduction goals, some experts have said.
Developed regions around the world have applied carbon tax barriers to imported and exported goods, forcing businesses to change and adapt to international carbon pricing mechanisms.
The partnership between CT Group and Sustain.Life will facilitate access to international experiences, making the most of opportunities and resources to promote carbon market development activities and initiatives for Vietnam, the release said.