Practical application of carbon credits to the economy. Part I: The necessity of reducing carbon emissions

DNHN - Climate change is becoming increasingly severe, and reducing carbon emissions helps protect the environment and ensure sustainable development. Thus, reducing carbon emissions also emphasizes the importance of implementing greenhouse gas reduction.

Reducing carbon emissions is crucial for environmental protection

Carbon emissions and other greenhouse gases contribute to the greenhouse effect and increase the earth's temperature. This causes negative impacts such as global warming, climate change, rising sea levels, and alterations in rain and drought cycles. Reducing carbon emissions is an effective way to mitigate these impacts and protect the environment.

Regarding carbon emissions, Vietnam is one of the countries with high levels of carbon pollution. The main sources of emissions include energy from coal, oil, and natural gas, as well as heavy industries and transportation. This level of pollution not only harms human health but also affects air quality, water, and biodiversity.

Reducing carbon emissions plays a crucial role in protecting human health and the environment. Air pollution causes many respiratory problems and cardiovascular diseases. Additionally, air pollution affects water quality and biodiversity, damaging habitats and natural resources.

Vietnam has also joined the Paris Agreement on climate change and committed to reducing carbon emissions by up to 8% by 2030. To meet this commitment, reducing carbon emissions is necessary and important. Without implementing greenhouse gas reduction measures, Vietnam will struggle to achieve its goals and to contribute to the global fight against climate change.

Although Vietnam is experiencing rapid economic growth, reducing carbon emissions is essential to ensuring sustainable development. Transitioning to renewable and greener energy sources will help reduce dependence on fossil fuels and create a clean and sustainable energy system. This will also create new business opportunities and promote technological innovation.

The necessity of implementing carbon emission reduction measures

To reduce carbon emissions, Vietnam needs to implement measures such as increasing the use of renewable energy, improving energy efficiency, enhancing waste management, and developing public transportation. Additionally, it is necessary to establish supportive policies and encourage businesses and individuals to participate in carbon emission reduction efforts.

According to the World Bank, Vietnam is among the countries with the fastest-growing greenhouse gas (GHG) emissions in the world.

Domestically, the majority of GHG emissions come from the electricity production, agriculture, manufacturing, and transportation sectors. In particular, agriculture contributes significantly to methane emissions—a potent greenhouse gas. Industries such as steel and cement production heavily rely on cheap fossil fuels.

At the COP 26 Conference, Prime Minister Pham Minh Chinh announced that Vietnam aims to achieve net-zero carbon emissions by 2050. This statement was welcomed by all participants and demonstrated Vietnam's global responsibility. Shortly thereafter, the government issued a directive to guide the implementation of this commitment.

According to experts, the carbon credit system not only helps manage carbon emissions effectively but also creates incentives for businesses and organizations to promote technological innovation and increase the use of renewable energy sources. This helps mitigate negative environmental impacts and also creates new business opportunities in clean energy and green technology. Moreover, carbon credits bring transparency and encourage emission reduction activities, thereby promoting cooperation among parties and creating a positive business and investment environment for the country's sustainable development.

Regarding this issue, Dr. Tang The Cuong, Director of the Climate Change Department (Ministry of Natural Resources & Environment), stated that Vietnam is developing a plan to establish a domestic carbon market, focusing on mandatory emissions trading for businesses, along with developing the domestic carbon market and expanding connections with the international market.

According to Dr. Cuong, to implement this roadmap, thorough preparation of infrastructure, technology, as well as the capacity for inventory and reporting by businesses, is necessary. Currently, 1,912 businesses nationwide are required to conduct greenhouse gas inventory and comply with emission quotas.

Nhan Ha