After being approved by the Vietnamese Congress, Ho Chi Minh City will pilot a " Carbon Credit Exchange and Clearing Mechanism", starting from August 1st.
This is a mechanism for registering and implementing emission reduction plans and projects, along with generating carbon credit in accordance with recognized methods, according to Article 3, Paragraph 5 of Decree No.06/2022/ND-CP.
The carbon credits obtained can be exchanged within the market or offset the greenhouse gas emissions in excess of allocated quota.
The amount of carbon trading in this trial comes from the transactions between domestic and foreign investors and related plans and projects. The City People's Committee will announce the procedures, formalities and decisions for selecting investors.
The gains after the transaction will all be attributed to the city's financial budget, which will be used for projects to cope with climate change and the development of green economy, digital economy and circular economy.
Before the trial of carbon credit trading, the City People's Committee will confirm the city's contribution to absorbing greenhouse gases and reducing emissions with the Ministry of Industry and Commerce, Ministry of Transport, Ministry of Agriculture and Rural Development, Ministry of Construction, together with Ministry of Natural Resources and Environment.
Furthermore, in order to reduce emissions, the City People's Committee will also take various measures, such as installing solar power system on the roofs of offices and public service units that with good technical conditions, to provide electricity for headquarters operations. Unused electricity must be disposed of in accordance with the provisions of the Electricity Law.