CT Group initiated its ASEAN Carbon Credit Exchange Joint Stock Company (CCTPA) on September 29, becoming the first Vietnamese company to begin a voluntary carbon emissions exchange in response to global trade policies and to promote a low-carbon emission economy.
The EU began piloting its Carbon Border Adjustment Mechanism (CBAM) in October, with the aim of ensuing a level playing field for European businesses by imposing carbon tax on imports from countries that do not apply equivalent carbon pricing measures.
The US is also set to impose a carbon tariff in 2024, and more major markets are expected to follow suit.
As a major exporter to both the EU and the US, Vietnamese companies should focus on ensuring that their products meet green standards to enhance their long-term competitive edge.
In this regard, the development of a carbon market is viewed as an effective tool to reduce environmental damage and promote sustainable development.
