At the meeting within the framework of the 28th Conference of the Parties to the United Nations Framework Convention on Climate Change (COP28) in Dubai, United Arab Emirates, Minister Dang Quoc Khanh and Mr. Chris Leeds, Global Director of Carbon Market Development, Standard Chartered Bank, had a meeting, worked and agreed on many cooperation contents between the two sides in the coming time.
At the reception, Minister Dang Quoc Khanh said that as one of the countries most affected by climate change, Viet Nam always strives to do its best to develop green and respond to climate change effectively and sustainably. As an agency with potential and experience, Minister Dang Quoc Khanh proposed that Mr. Chris Leeds and Standard Chartered Bank cooperate in developing the carbon market in Viet Nam.
The Minister emphasized that responding to climate change and implementing commitments at COP26, especially the commitment to bring net emissions to "0" is currently identified by the Vietnamese Government as a top priority. Currently, Viet Nam is actively and proactively participating with the international community in reducing greenhouse gas emissions and adapting to climate change towards developing a low-carbon, circular economy. In order to promote the private sector to invest in economic sectors that reduce greenhouse gas emissions, Viet Nam is in the process of preparing to establish a carbon market. Accordingly, the pilot exchange of greenhouse gas emission quotas and carbon credits will begin in 2025. The market will officially come into operation in 2028. Among them, some priority pilot areas include thermal power, cement and steel production and waste management.
Noting the opinions shared by Minister Dang Quoc Khanh, Mr. Chris Leeds said that Viet Nam needs to soon join the international carbon market, take advantage of cooperation and the Ministry of Natural Resources and Environment will be the focal point to advise the Government on action programs.
Overview of the reception and working session of Minister Dang Quoc Khanh and Mr. Chris Leeds and the Standard Chartered Bank delegation
Minister Dang Quoc Khanh said that Viet Nam also plans to have activities to connect and exchange domestic carbon credits with regional and world carbon markets. At the meeting, the Minister thanked Standard Chartered Bank for connecting the Ministry of Natural Resources and Environment and the CIX Voluntary Carbon Exchange to learn about building a suitable carbon trading platform for Viet Nam and share practical experiences in building a carbon market framework.
The Minister believes that carbon trading platforms like CIX will bring great benefits to developing countries like Vietnam. The Minister proposed that in the coming time, Mr. Chris Leeds and Standard Chartered Bank will continue to accompany the Ministry of Natural Resources and Environment in building and managing the carbon credit trading floor; At the same time, invest in connecting carbon credit trading floors with carbon credit trading floors in the region and around the world.
Mr. Chris Leeds said that he and Standard Chartered Bank are personally willing to cooperate and support the Ministry of Natural Resources and Environment to develop the domestic carbon market, connect with the international community to mobilize resources for activities. response to climate change.
The Minister also requested the Bank to regularly share and update experience and expertise to support the Ministry in this field.
On this occasion, the Minister respectfully invited Mr. Chris Leeds to visit and work with the Ministry of Natural Resources and Environment as soon as possible to continue discussing cooperation issues related to the carbon market.