Vietnam is set to prioritize the establishment and completion of a comprehensive climate change response database in 2025 , aligning with the national digital transformation program.
Key components of this effort include the development of an online greenhouse gas (GHG) inventory reporting system and a monitoring and evaluation system for climate change adaptation activities. Additionally, a national registry system for managing GHG emission quotas and carbon credits will be set up.
To facilitate participation in the carbon market, Vietnam will expedite the implementation of GHG inventories at the national, sector, and facility levels.
The Ministry of Natural Resources and Environment, along with other ministries managing GHG-emitting sectors, will focus on conducting GHG inventories within their respective sectors to contribute to the national GHG inventory.
Facilities emitting greenhouse gases, as identified in the Prime Minister’s Decision No. 13/2024/QD-TTg, will be required to conduct GHG inventories. These inventories will serve as the basis for sector-managing ministries to propose GHG emission quota allocations, enabling facilities to participate in the domestic carbon market.
In 2025, significant attention will be given to preparing for the operation of the domestic carbon market. Research will be conducted on the UNFCCC’s guidelines from COP29, with the aim of formalizing them into legal documents for the implementation of Article 6.4 of the Paris Agreement. Additionally, priority activities for the Internationally Transferred Mitigation Outcomes (ITMOs) will be proposed.
Statistics reveal that between 2011 and 2022, extreme weather events caused approximately $10 billion in economic damage to Vietnam, with annual losses due to natural disasters estimated at around 1.5% of GDP. Notably, typhoon Yagi in September 2024 alone resulted in economic damage exceeding $3.3 billion.
Future forecasts indicate that climate change will contribute to a slowdown in Vietnam’s growth rate. Without effective climate change response solutions, losses could range from 2 to 4.5% of the country’s GDP.
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