Deputy Prime Minister Tran Hong Ha has requested the establishment of a carbon credit market in Vietnam as part of the country’s efforts to cope with climate change.

Chairing a meeting held on January 8 regarding the establishment of such a market in Vietnam, Deputy Prime Minister Ha said its establishment will demonstrate Vietnam’s commitment to net-zero emissions.

The creation of an open and transparent carbon credit market will be based on identifying the total volume of emissions and allocating emissions quotas to every locality and sector in the country, he explained.

Its establishment is part of efforts to prepare major global policies on reducing greenhouse gas emissions, allocating emissions quotas, exchanging carbon credits, and creating green financial resources for businesses to innovate technology, he added.

He noted that such a move needs to contain updates on global policies and agreements as well as strategies and plans that have been issued on climate change response, Vietnam’s just energy transition, and greenhouse gas emissions reductions.