Myanmar aims to enter carbon market upon achieving NDC targets
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Htet Nadi/Saw (NP News) - Dec 24
According to data from the Environmental Conservation Department under the Ministry of Natural Resources and Environmental Conservation, the government aims to enter the carbon market to generate national revenue if it achieves the objectives of the Nationally Determined Contributions (NDCs).
NDCs are reports that must be submitted every five years to the United Nations Framework Convention on Climate Change (UNFCCC), outlining Myanmar’s pledges to reduce greenhouse gas emissions and address climate change.
It is reported that Myanmar is cooperating with private companies from developing countries that are investing in forestry, improved cook stoves, and renewable energy projects, as well as engaging in carbon trading, in accordance with Article 6 of the Paris Agreement, which Myanmar ratified in 2017.
Currently, carbon credits generated from these projects are being used to meet NDCs targets, and once the targets have been met, they will be sold on the carbon market to generate revenue for the state.
The Department of Environmental Conservation says that Myanmar has entered the carbon market and will reap many benefits from carbon trading in the future.
According to data on the mandatory and voluntary carbon markets under the UNFCCC, the countries with the largest trading volumes are in East Asia, including Japan, South Korea, and Singapore, while the United States and European countries are also actively involved in carbon trading markets. –