On August 1st in the afternoon, Minister Ho Duc Phoc and the delegation from the Ministry of Finance held a working session with Mr. David Parker, Chair of the Clean Energy Regulator (CER) at the Ministry of Climate Change, Energy, Environment and Water of Australia. The purpose of the meeting was to exchange experiences in developing the carbon market, discuss the plan to establish a carbon credit trading platform in both Australia and Vietnam and explore potential cooperation opportunities in this area between the two countries.
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Minister Ho Duc Phoc discussed with Mr. David Parker, Chair of the Clean Energy Regulator, about the experience in developing the carbon market in Australia.
The meeting was attended by Ambassador Pham Hung Tam, who is Vietnam's Ambassador to Australia, as well as leaders from various units under the Ministry of Finance, representatives from banks and businesses in Vietnam, and members of CER.
During the meeting, Minister Ho Duc Phoc expressed his appreciation to Mr. David Parker, the Chairman of the Australian Clean Energy Regulator, for taking the time to welcome and meet with the delegation from the Ministry of Finance of Vietnam while they were working in Australia.
The Minister emphasized the increasingly substantial and effective cooperative relationship between Vietnam and Australia, particularly after both countries elevated their diplomatic relations to a comprehensive strategic partnership following the State visit of Prime Minister Pham Minh Chinh to Australia in March 2024. Moreover, trade between the two countries has been steadily growing.
Vietnam is currently prioritizing the development of the green economy and digital economy. Specifically, the Vietnamese Government has tasked the Ministry of Finance with overseeing the development of the carbon credit market in Vietnam and promoting the growth of renewable energy such as wind power, solar power, and hydrogen power. While there are no specific regulations on the carbon credit market in Vietnam, there are regulations providing tax incentives for clean energy and renewable energy projects. The Minister indicated, "We are aware that CER is responsible for managing clean energy development and the carbon credit market. Therefore, we are eager to exchange insights on this field, particularly regarding legal regulations to attract investment."
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The overall view of the working session
In the meeting, Mr. David Parker thanked the Minister and the delegation for attending and offered condolences to the Vietnamese government and people following the passing of General Secretary Nguyen Phu Trong. On behalf of the Australian government, he expressed appreciation for the General Secretary's contributions to Vietnam and the bilateral relationship.
Mr. David Parker also provided an update on the development of the carbon credit market, emphasizing Australia's 12-year effort in laying the foundation for this market and expressing Australia's readiness to support Vietnam in this area. He mentioned that all levels of government in Australia are committed to achieving zero emissions by 2050, with a target of reducing emissions by 43% by 2030, and further reductions by 2035. Additionally, Mr. David Parker noted Australia's plan to transition to 82% renewable energy by 2030.
During the meeting, Mr. David Parker also shared insights with the Minister and the Working Group on Australia's experiences with the National Energy and Greenhouse Gas Emissions Reporting Mechanism (NGER), the Renewable Energy Target Program (RET), the issuance and management of Australian Carbon Credit Units (ACCU), the implementation of reverse auctions to procure Australian Carbon Credits (ACCU), the Safeguard Mechanism (SM), and the National Emission Unit Register.
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Minister Ho Duc Phoc and CER Chair David Parker took a commemorative photo
The Clean Energy Regulator (CER) in Australia is currently in the process of establishing a Carbon Credit Exchange to create a marketplace for the trade of Australian Carbon Credits (ACCUs). This exchange will be centralized, standardized, and regulated for the purchase and sale of ACCUs. Mr. David Parker emphasized the importance of implementing a system to report emissions and clean energy usage to measure energy consumption and propose solutions for emission reduction accurately.
During the meeting, members of the Working Group also asked about the CER's experience in bringing together buyers and sellers to develop a carbon credit market, as well as the legal regulations suitable for Vietnam's conditions and internationally recognized practices for establishing such a market in Vietnam. The CER representatives comprehensively addressed the queries from the Group. Additionally, the Chairman of CER expressed readiness to provide further documentation to assist the Working Group in conducting thorough research before making official management decisions.
Translator: Thúy Nga
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