The 102.5 million USD project aimed at responding to the rising greenhouse gas emissions and protecting important forest ecosystems was launched in Buon Ma Thuot, Dak Lak Province, on January 29.

The carbon credit market is a key policy instrument that helps reduce greenhouse gas emissions through market-based mechanisms. However, for businesses to participate in the carbon market in a sustainable manner, relevant authorities need to promptly roll out concrete plans, solutions and an appropriate legal framework.

In Viet Nam, over the past 10 years, greenhouse gas emissions have risen by 6.2% per year on average, reaching about 5.2 tonnes per person. This figure is approximately 45.6% higher than the average of countries in the middle-income group.

The European Commission (EC) has recently announced a target to cut greenhouse gas emissions by 90% by 2040 compared to 1990 levels, sending a strong signal of the European Union’s (EU) leadership in the global fight against climate change.