VP Carbon shared about the carbon market and RECs market

ACA-Vietnam, a member of ACA (Alliances for Climate Action), collaborated with WWF-Vietnam and VP Carbon to organize an end-of-year program for members on December 22, 2023. Mr. An, Pham Dang, Director of VP Carbon and Deputy General Director of Vu Phong Energy Group, coordinated the program and shared views on the carbon market and Renewable Energy Certificates (RECs) market with the delegates.

The program allowed delegates to meet in these final days of the year, looking back on activities in 2023 and planning for 2024. With a focus on presentations and discussions related to carbon certificates and renewable energy certificates, attendees gained a better understanding of these certificates, project registration and development processes, and the evolving landscape of the carbon market and REC market amid the ongoing energy transition and emission reduction concerns—a prevalent issue today…

Mr. An, Pham Dang, Director of VP Carbon and Deputy General Director of Vu Phong Energy Group, shared information about the global landscape of compliance and voluntary carbon markets throughout the event; many organizations that offer voluntary carbon market standards and certifications, such as Gold Standard (GS) and Verra with Verified Carbon Standard (VCS)… Mr. An emphasized four criteria for issuing carbon credits for a project: (1) Real and Measurable; (2) Permanent & not reversed; (3) Additional; (4) Independently verified.

In Vietnam, the Ministry of Natural Resources and Environment, the Ministry of Finance, and other relevant organisations are establishing a plan to develop the carbon credit market and regulations for carbon credit management. According to the roadmap outlined in Decree 06/2022/N-CP, a pilot carbon credit trading will be established and operated beginning in 2025, with the official operation of the carbon credit trading floor scheduled for 2028.

Mr. An, Pham Dang – Director of VP Carbon, Deputy General Director of Vu Phong Energy Group – shared at the program

Mr. An, Pham Dang shared information about the Renewable Energy Certificates (RECs) market throughout the session, in addition to current information on carbon credits and the carbon market. He emphasized that the RECs market is getting more active as more companies and major organizations aim for 100% renewable energy goals.

Domestically, manufacturing businesses are becoming more interested in the issue and trade of RECs, notably I-REC. VP Carbon is one of Vietnam’s pioneer businesses, offering I-REC registration and trading services. This is one of the solutions provided by VP Carbon to help organizations successfully reduce greenhouse gas emissions and achieve carbon neutrality. Other solutions the organization offers include advice for registering CERs certifications and ESG consulting for enterprises.

As part of the program, Ms. Nhung, Pham Thi Cam, Climate and Energy Practice Lead at WWF Viet Nam, and Ms. Hop, Vu Thi Bich, Executive Director of Centre for Sustainable Rural Development (SRD), updated on COP28 Conference. Participants then collectively reviewed ACA-Vietnam’s activities in 2023, gearing up for new milestones in 2024 with a shared goal of advancing the energy transition and addressing climate change in Vietnam.

Some other photo at the program:

Ms. Nhung, Pham Thi Cam, Climate and Energy Practice Lead at WWF Viet Nam – updated on COP28 Conference

Ms. Hop, Vu Thi Bich, Executive Director of Centre for Sustainable Rural Development (SRD) – updated on COP28 Conference

Shared by Ms. Truc, Le Gia Thanh from ALLCOT AG

Delegates attending took souvenir photos at the program

Vu Phong Energy Group

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