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October 30, 2023

Clear ‘carbon sovereignty’ rules are vital to a net zero future

By Nam Pham Khanh, Lesly Goh and Bo Bai
Vietnam is targeting an emissions reduction target of 43.5 per cent by the end of this decade. To do this, the country is developing its own regulatory framework for carbon markets, with plans to launch its own compliance programme in 2028 (Photo: Chris Trinh/Bloomberg)
Vietnam is targeting an emissions reduction target of 43.5 per cent by the end of this decade. To do this, the country is developing its own regulatory framework for carbon markets, with plans to launch its own compliance programme in 2028 (Photo: Chris Trinh/Bloomberg)

Until now, carbon markets have been fragmented, and served a privileged minority. A restructuring to give countries control over their carbon assets, while ensuring high-quality standards and global collaboration towards emissions reduction, is essential

In September, Indonesia took a major step towards achieving its net zero emission goal by unveiling its own government-backed carbon trading facility, and a national carbon registry to support emissions trading. The move reflects the growing recognition that a well-regulated voluntary carbon market needs to start with individual countries themselves.

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