Vietnamese and German environmental experts gathered in Hanoi onNovember 21 at a seminar to discuss Vietnam’s opportunities andchallenges faced in its move to join the global carbon market.

Nguyen Van Tai, Director of the Institute of Strategy and Policyon Natural Resources and Environment, said participating in projects ofClean Development Mechanisms (CDM) benefits Vietnam and otherdeveloping countries financially and technologically.

In preparation for deeper global carbon market penetration, Vietnamwill focus its post-2020 strategy on building emission reductionprojects for the voluntary carbon market, an action plan to reducegreenhouse gas emissions in line with the National AppropriateMitigation Action (NAMA) and enhancing the capacity of Measurement,Reporting and Verification (MRV).

The action planwill include an assessment of the country’s ability to reduce greenhousegas emissions, building and concluding policies for carbon creditbusinesses and investment projects in Vietnam .

Domestic and international experience in the two-pronged - economy andlow-level carbon - development strategy has shown benefits, saidrepresentatives of Hanns Seidel Foundation.

Closecoordination between the state and private sectors is required, saidrepresentatives. Investment should be fuelled by realising initiatives,multiplying successful projects, offering business solutions and finallygenerating more “green” jobs to reduce greenhouse gas emissions in asustainable way, they added.

The carbon market is animportant tool to slash greenhouse gas emissions. It also offers hugeeconomic benefits to participating countries.-VNA