On November 19, on the sidelines of the 29th Conference of the Parties to the United Nations Framework Convention on Climate Change (COP 29) in Azerbaijan, Deputy Minister of Natural Resources and Environment Le Cong Thanh had a bilateral meeting with Mr. Felix Wertli, Swiss Ambassador for Climate Change.
Speaking at the meeting, Deputy Minister Le Cong Thanh expressed that Viet Nam and Switzerland have had a long-standing and strong cooperative relationship, with many very good results. This is the foundation for more proposals and exchanges in efforts to respond to climate change in the coming time, especially related to the development of the carbon market.
Deputy Minister of Natural Resources and Environment Le Cong Thanh speaks at the bilateral meetingAmbassador Felix Wertli shared that Switzerland is currently one of the leading countries in the world in piloting carbon credit exchange projects under Article 6.2 of the Paris Agreement. Recently, the Swiss focal point has discussed and worked with Vietnamese agencies and organizations to identify a number of potential projects for piloting (electric vehicle projects, agricultural irrigation projects, biogas projects, green cooling projects). Implementing a carbon market under Article 6 will be an important financial support for developing countries, including Viet Nam, to achieve their goals under their Nationally Determined Contributions (NDCs).
Switzerland needs to buy at least 20 million carbon credits between now and 2030 to meet its commitment to reduce greenhouse gas emissions.Mr. Felix Wertli, Swiss Ambassador for Climate Change, expressed his hope that the two countries will cooperate in exchanging carbon credits according to Article 6 of the Paris Agreement. According to Deputy Minister Le Cong Thanh, exchanging carbon credits according to Article 6 of the Paris Agreement is a new issue. At COP 29, the Parties are still negotiating and finalizing relevant international regulations.
Viet Nam hopes that Switzerland can share information and cooperation experience with other countries on Article 6.2, including necessary implementation regulations and international reports on carbon credit exchange as required by the Paris Agreement. At the same time, propose specific content on carbon credit exchange between Viet Nam and Switzerland for the Ministry of Natural Resources and Environment to report to competent authorities for consideration and decision.
Mr. Felix Wertli said that the focal agencies of the two countries need to spend time discussing pilot projects, proposing a draft cooperation agreement on credit exchange from next year. The emission reduction project under Article 6 can be extended to 2030 or 2035. The Swiss Ambassador also proposed to organize a workshop to kick off cooperation activities in the coming time.
Mr. Felix Wertli, Swiss Ambassador for Climate Change, expressed his hope that the two countries will cooperate in exchanging carbon credits according to Article 6 of the Paris Agreement.Supporting the approach with specific projects, Deputy Minister Le Cong Thanh said that this is a premise to build regulations in accordance with Vietnamese law, completing the necessary legal corridor quickly.
The two sides agreed to continue exchanging experiences to be able to build projects quickly, focusing on innovation and bringing about effective emission reduction in a practical manner, linked to Vietnam's key areas.