Carbon credits approved for nine JCM projects in Vietnam

The 9th meeting of the Joint Committee for the Implementation of the Joint Crediting Mechanism (JCM) between Vietnam and Japan has concluded with a significant milestone: the approval of carbon credits for nine JCM projects which had registered for implemention between 2013 and 2020.

Deputy Minister of Natural Resources and Environment Le Cong Thanh emphasized the strong partnership between Vietnam and Japan in addressing climate change. Since the signing of the JCM agreement in 2013, the two countries have collaborated on 15 methodologies, registering 14 JCM projects, and issuing 4,115 carbon credits.

To further strengthen cooperation, Vietnam and Japan signed a Memorandum of Cooperation on low-carbon growth in 2021. Vietnam has also committed to achieving net-zero emissions by 2050 and has implemented relevant regulations to mitigate greenhouse gas emissions.

The country is currently developing a carbon market and plans to initiate a pilot phase in 2025, with full operation commencing in 2028. Vietnam's legal framework for carbon credits, established through the 2020 Law on Environmental Protection, provides a solid foundation for the effective implementation of the JCM mechanism.