VNEEC collaborates with South Pole to evaluate and pilot a new carbon credit methodology for coal power in Viet Nam

On May 6, at Ecosperity Conference held in Singapore, South Pole (Switzerland) – the strategic partner of Energy and Environment Consultancy Joint Stock Company (VNEEC) – announced the world’s first carbon credit methodology specifically designed to accelerate the early retirement of coal power plants. This breakthrough paves the way for renewable energy development by accurately quantifying emission reductions resulting from the decommissioning of such plants. The methodology was developed by South Pole under the Coal to Clean Credit Initiative (CCCI), supported by The Rockefeller Foundation, and has been officially approved by Verra – one of the world’s leading carbon standards organizations.

The methodology was designed based on strict technical requirements, including a clear and rigorous monitoring, reporting, and verification (MRV) framework to ensure high transparency and credibility in emission reduction accounting. In addition to technical aspects, the methodology incorporates just transition safeguards to support communities directly affected by the energy transition. These include initiatives such as job creation, workforce reskilling, and the promotion of local economic development.

VNEEC will work closely with South Pole and other relevant stakeholders to assess the feasibility and pilot the implementation of this methodology in Vietnam. As of the first seven months of 2024, coal-fired power remains the dominant source in Vietnam’s electricity mix, accounting for 57.3% of total generation, posing significant challenges to achieving the country’s “Net Zero” target by 2050. This new methodology therefore offers a promising solution to help Vietnam gradually phase out coal power while unlocking access to climate finance to support its clean energy transition.

The collaboration between VNEEC and South Pole not only drives emission reduction initiatives in Vietnam but also contributes to building a responsible, equitable, and sustainable energy transition model – aligning with the country’s green development strategy and international climate commitments in the context of a global energy transformation.

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