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Vietnam, with its long coastline and diverse marine ecosystem, is poised to become a significant player in the global carbon credit market. The "Blue Ocean - Blue Foods" program has opened up new avenues, leveraging the carbon sequestration potential of seaweed to contribute to climate change mitigation and promote green economic development.
On July 6, 2023, the International Center for Cooperation on Sustainable Aquaculture and Fisheries (ICAFIS), under the Vietnam Fisheries Society, in collaboration with JAPIFoods brand of WinEco Vietnam Joint Stock Company, launched the "Blue Ocean - Blue Foods" program - A journey to build a carbon sink for the fisheries sector. The program aims to mitigate the impacts of climate change, reduce greenhouse gas emissions, improve the marine environment, and develop community livelihoods.
A natural carbon sink for Vietnam's ecosystem Dinh Xuan Lap, Deputy Director of ICAFIS, said that Vietnam is one of the six countries in the world most severely affected by climate change. In 2022, Vietnam emitted 344 million tons of CO2/year, ranking 17th globally. In the context of severe pollution, seaweed is not only a nutritious food but also an effective carbon dioxide absorber. During photosynthesis, seaweed absorbs carbon dioxide from the atmosphere and converts it into organic matter, thereby reducing the amount of greenhouse gas that causes the greenhouse effect. This helps slow down the warming process and mitigate the impacts of climate change.
Carbon credits: The green currency of the 21st century
A carbon credit is a certificate representing one ton of carbon dioxide that has been reduced from or removed from the atmosphere. Countries and businesses can buy and sell carbon credits to achieve their emissions reduction targets. The carbon credit market is growing and becoming an important tool in the fight against climate change.
Potential and challenges
Dr. Nguyen Trung Dong, Secretary of the Party Committee and Rector of the School of Public Policy, said that in 2023, Vietnam successfully transferred more than 10 million carbon credits and raised over $50 million. This is the premise for many organizations, individuals, and localities to be interested in the carbon credit market, which has great potential. However, looking at the reality in Vietnam today, the number of carbon credit experts is still relatively modest. Vietnam has only been able to sell carbon credits in the voluntary market, so the selling price is low, only $5/credit, because Vietnam has not signed any bilateral agreements, so it cannot sell carbon credits in the mandatory market - a market with a selling price of up to several hundred USD/credit. Although achieving certain achievements in developing the carbon credit market, Vietnam still faces many challenges in exploiting the full potential of this market, such as: Lack of a clear legal framework: Vietnam does not have a complete legal framework for the carbon credit market, which makes it difficult for businesses and organizations to participate. Limited capacity: Capacity for assessing, monitoring, and verifying emissions reduction projects is limited. Lack of information: Many people and businesses do not understand carbon credits and how the market works.
Why can't Vietnam sell carbon credits at a higher price?
According to Dr. Tran Dai Nghia, there are three main sources of funding for carbon credits based on forestry results. These are, results-based payments (such as sponsors), the voluntary carbon market, and the compliance carbon market. Each form has different characteristics. Vietnam mainly participates in the voluntary carbon market. This type is the easiest to join, but there will be a fixed assessment period. If it is overdue, the system will automatically reset the carbon credit to 0. The mandatory market does not adjust the quota, while the voluntary market adjusts each year. Many countries, including Vietnam, have gradually increased this quota as a way to demonstrate responsibility in the NDC. "Vietnam cannot participate in the mandatory market (which has a much higher carbon credit price) due to the lack of many factors, including bilateral agreements. We cannot sell each carbon credit for several hundred USD." - Dr. Tran Dai Nghia, Institute of Policy and Strategy for Agricultural and Rural Development.
Dr. Tran Dai Nghia: There are 3 international carbon assessment systems, but in Vietnam, only 2 can be used, namely the emissions trading system and the carbon credit mechanism.
Towards a sustainable future in the carbon credit market
To overcome these difficulties and develop the carbon credit market sustainably, Vietnam needs to: Build a clear, transparent, and facilitating legal framework for the development of the carbon credit market, invest in training and capacity building for organizations and individuals participating in the carbon credit market, and strengthen cooperation with other countries and international organizations to learn from experiences and access new technologies. The "Blue Ocean - Blue Foods" program has opened up a new direction for Vietnam in developing a green economy and responding to climate change. By leveraging the potential of seaweed and developing the carbon credit market, Vietnam not only contributes to environmental protection but also creates many new economic opportunities.
Growtech Vietnam 2024: The Gathering Place for Advanced Agricultural Solutions
To grasp the latest trends in Agriculture, Livestock, and Aquaculture, Growtech Vietnam 2024 will be an ideal forum for attendees and industry businesses to meet, connect and seek cooperation opportunities. Taking place from November 13-15, 2024, Growtech Vietnam opens up opportunities to expand your network and take your business global through the Vietnam International Exhibition of Agricultural Products, Equipment & Technology. Register to participate in Growtech Vietnam 2024 to not miss the opportunity to meet with leading experts and businesses in the industry, together promoting sustainable and innovative development in agriculture, livestock, and aquaculture. Participate in Growtech Vietnam 2024 today:
Register for a booth: https://www.growtech.vn/exhibitors/book-a-stand
For more information, please contact: ADPEX JOINT STOCK COMPANY / GLOEX GLOBAL EXHIBITION AND CONFERENCE JOINT STOCK COMPANY
Address: No. 6 Phung Khac Khoan, Da Kao Ward, District 1, Ho Chi Minh City
Phone: 028 3823 9052
Email: [email protected]
Website: https://growtech.vn/
Hotline: (+84) 28 3823 9052
Keywords: Growtech Vietnam, agricultural exhibition, carbon credits, sustainable agriculture, sustainable aquaculture, agricultural technology, Vietnamese agriculture, agricultural innovation.
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