Interim carbon project procedures for rice sector recommended at workshop hosted by IPSARD and IRRI

Hanoi, Vietnam (23 April 2024) – The Institute of Policy and Strategy for Agriculture and Rural Development (IPSARD), in cooperation with the International Rice Research Institute (IRRI), organized a consultation workshop to introduce and propose recommendations for an interim operating procedure for carbon projects in rice.

The workshop was well-attended with representatives from various agencies under the Ministry of Agriculture and Rural Development (MARD), Ministry of Natural Resources and Environment (MONRE), international organizations, private sector, and other relevant stakeholders. The aim of the workshop was to discuss the draft document of recommendations for interim operating procedures for rice carbon credit projects in the present and near-term during the time when legal and regulatory frameworks are being developed, but not yet in effect.

Opening the workshop, Dr. Nguyen Anh Phong, Deputy Director General of IPSARD, shared that the Government of Viet Namt, particularly MONRE in collaboration with the Ministry of Finance (MOF), is in the process of setting up a framework for the future carbon market. The current timeline expects to pilot the framework in 2026 and achieve full operational status by 2028. Dr. Phong explained that rice production is being prioritized for carbon credit pilot activities due to its significant potential for reducing greenhouse gas emissions. He highlighted the importance of preparing the agricultural sector for further engagement in domestic and international carbon exchanges, be they for compliance or voluntary markets.

The current timeline leaves only two years for Viet Nam to meet the ambitious Nationally Determined Contributions (NDCs) greenhouse gas emissions reductions targets agreed to under the Paris Agreement. The majority of the NDC commitments are dependent upon contributions from international funding sources, but regardless of the funding source, these activities require the appropriate legal and regulatory…