Vietnam targets 20% cut in emissions to exploit carbon trade

May 07, 2012

Vietnam will attempt to reduce greenhouse gas emissions by 20 percent in the agriculture and forestry sectors by 2020, according to a plan being developed by the Ministry of National Resources and Environment.

Experts at a conference on May 3 in Hanoi discussed the plan, which is expected to cost 208 billion VND (USD9.9 million) and has adopted 2005 as the base year for comparisons.

“The draft plan will be completed by the end of this month and then submitted to the Government for approval,” said Tran Hong Ha, Deputy Minister of National Resources and Environment.

According to the Department of Meteorology, Hydrology and Climate Change, several sectors continue to emit large amounts of greenhouse gases in Vietnam, including energy, agriculture and forestry.

The measures proposed to reduce these harmful effects include developing biogas technology, changing the diet of livestock, collecting and recycling agricultural by-products and using water-saving rice cultivation methods.

The plan will also address the management of carbon credits including the increased control over carbon credit trading activities, development of the carbon market within the country and to promotion of Vietnam ‘s participation in the international carbon market.

The department also said that as of April this year, there are 112 projects in Vietnam recognized by the Clean Development Mechanism (CDM) Executive Board as CDM projects. They will help reduce the total amount of greenhouse gas emissions by an estimated 51 million tonnes of carbon dioxide equivalents. Vietnam ranks fifth among countries with the largest number of CDM projects.