Key results of COP 26 and implications on management and implementation of international carbon market mechanisms in Viet Nam (cont.)




Part 3: Other requirements important for operationalizing international carbon market mechanisms under Paris Agreement

  • Updating Nationally Determined Contribution

The participation in above mentioned Article 6.2 and Article 6.4 requires the host country to comply with relevant requirements related to communicating and updating its NDC. CMA.3 Decision encourages Parties to communicate in 2025 a NDC with an end date of 2035, in 2030 a NDC with an end date of 2040 and so forth every five years thereafter.

It is necessary that Viet Nam develops and promulgates formal procedures for NDC development and updates every five years in order to reflect technological advances, new GHG mitigation measures in each sector and ensure a coordination mechanism for consensus and active involvement of relevant stakeholders for developing, updating and implementing NDC.

  • Perform reporting obligations for enhanced transparency framework

CMA.3 Decision provides for common reporting tables for the electronic reporting by member countries of the information: i) in the national inventory reports; ii) to track progress made in implementing and achieving NDC; and iii) on financial, technology development and transfer and capacity-building support provided and mobilized as well as support needed and received. Outline of the biennial transparency report is also formulated.

These reporting tables require detailed information, especially about the national GHG inventory and NDC tracking. It also requires reporting information about the use of cooperative approaches and application of corresponding adjustment to the mitigation outcomes transferred under Article 6.2 and Article 6.4.

Viet Nam will need to review closely the above requirements, develop/update existing reporting procedures and build capacity to ensure compliance with requirements for enhanced transparency framework.

Viet Nam can also consider the possibility to apply flexible provisions in case of not being able to fully comply with the information requirements in the common reporting tables.

Loan Nguyen (summarized and analyzed).

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