On September 29, 2023, CT Group officially introduced the Carbon Credit Trading Platform ASEAN Joint Stock Company, becoming the first company in Vietnam to launch a carbon credit trading platform, proactively adapting to international environmental trade policies and aiming for a low-carbon and remarkable growth economy.
Starting in October 2023, 27 member countries of the European Union initiated a pilot for carbon taxation on all exports to their market using the Carbon Border Adjustment Mechanism (CBAM). The United States will be the next market to implement carbon taxation on imports in 2024, and in the future, many more countries in the Americas and Asia are expected to follow this trend. This is a global trend that Vietnamese businesses need to quickly and effectively adapt to in order to meet green standards and enhance long-term competitiveness.
The carbon market is seen as an effective and feasible tool for mitigating environmental damage, promoting sustainable development, and aligning with international standards. However, carbon credit projects in Vietnam are relatively new and have not yet garnered much attention from businesses. It is essential to have a consulting entity that guides the carbon credit certification and registration process.
Recognizing the crucial importance of this market, CT Group introduced the Carbon Credit Trading Platform ASEAN (CCTPA), becoming the first organization in Vietnam to provide comprehensive advisory information to Vietnamese businesses, organizations, and individuals on how to develop carbon credit projects, register, verify, and confirm carbon credits, as well as exchange, compensate, and secure carbon credit loans, and apply carbon taxes regionally and globally.
CCTPA is also researching the implementation of Blockchain and Crypto solutions for the carbon market, ensuring secure and transparent transactions, and building trust among participants. This approach sets it apart as an innovative and distinct player in the field.
Experts specializing in carbon credits believe that the establishment of a carbon credit trading platform is a crucial step for Vietnam to achieve net-zero emissions by 2050. Mr. Tang The Cuong, Director of the Climate Change Department at the Vietnamese Ministry of Natural Resources and Environment, stated, “The net-zero commitment that Vietnam made at COP26 in 2021 is ambitious and challenging. Building a carbon market is the key. A well-built carbon market will contribute to achieving greenhouse gas emission reduction targets at low costs for businesses and society, while promoting low-emission technology development.”
During the launch event, CCTPA signed cooperation agreements with the Central Clean Water and Environment Association of Vietnam, the Institute for Communication and Development Research (RED), research institutions, financial organizations, and international inspection bodies, etc to synergize resources to develop breakthrough solutions and green technology applications for carbon emissions reduction, while coordinating green transition programs toward the Net Zero goal.
CCTPA also donated 5,000 seedlings in support of the “Eliminate Sand for Livelihood” initiative, fundraising for aloe vera seedlings to support the Raglai minorities in Ninh Thuan province. This program not only contributes to environmental conservation but also improves the livelihoods of disadvantaged communities, creating positive changes in society.
For many years, CT Group has been recognized as a pioneering enterprise in implementing strategies for economic development and addressing global environmental challenges. CT Group, along with its ESG Council, has been implementing “12 Programs to Support Vietnam in Climate Change Response,” including numerous scientific research projects aimed at saving millions of tons of CO2 emissions.
The launch of the carbon trading platform by CT Group further demonstrates its commitment to protecting the environment, delivering benefits to the people, and enhancing business value for participating enterprises, all while moving towards a green and sustainable economy. Once again, this underscores CT Group’s dedication to serving the community as a corporation with over 31 years of development, always striving to create high-value products for society and nature.
