RENEWABLE ENERGY AND CARBON MARKETS IN VIETNAM’S 2030 VISION TOWARDS 2050: A SYMBIOTIC PATH TO SUSTAINABLE DEVELOPMENT

Le Ngoc Long; Tran Thi Ngoc Bich; Nguyen Hoang Lam; Tran Thi Tuyet Mai; Huynh Minh Phuc

Authors

Le Ngoc Long Tra Vinh University, Vietnam
Tran Thi Ngoc Bich Tra Vinh University, Vietnam
Nguyen Hoang Lam Tra Vinh University, Vietnam
Tran Thi Tuyet Mai Tra Vinh University, Vietnam
Huynh Minh Phuc Postgraduate student, Tra Vinh University, Viet Nam

Keywords:

carbon markets, Clean Development Mechanism, renewable energy, sustainable development, Vietnam

Abstract

This research provides a comprehensive exploration of the symbiotic relationship between renewable energy initiatives and the evolving carbon markets in Vietnam’s 2030 vision towards 2050, with a keen focus on the nation’s journey toward sustainable development. By scrutinizing international and national policies, including the Kyoto Protocol and the Paris Agreement, the study delineates the institutional framework necessary for effective participation in the carbon market. Analyzing Vietnam’s updated Nationally Determined Contribution (NDC), the research unveils sector-specific mitigation targets, emphasizing the country’s potential to generate carbon credits. The article also sheds light on Vietnam’s robust experience in carbon market preparedness, spanning Clean Development Mechanism (CDM) projects, Joint Crediting Mechanism (JCM) initiatives, and active engagement in the voluntary carbon market. Through these endeavors, Vietnam emerges as a key contributor to global efforts in fostering sustainable practices, technology transfer, and international collaboration, positioning itself prominently in the global transition toward a low-carbon economy.