The development of the carbon credit market is considered a concrete step towards policies on reducing greenhouse gas emissions, allocating emission quotas, carbon credit trading and creating green financial resources for Việt Nam.
When Indonesia established a carbon trading mechanism last year, the move was welcomed across the board. However, a lack of strong implementing regulations, regulatory uncertainty, and insufficient business incentives have combined to ensure slow-going for the country's carbon trading market.
Bills that would regulate and restrict carbon offset agreements, Senate Bill 618 and Senate Bill 822, are nearing passage in the West Virginia Senate. SB 618 would establish a Forest Management Exchange Program the state Division of Forestry estimates would cost $3.5 million to set up, plus another $500,000 per year to contract for operational support.
Under Senate Bill 618, approved by the West Virginia Senate Economic Development Committee on Feb. 19, 2024, only state carbon credits from real property or standing timber would be eligible for purchase, prompting criticism it s anti-property rights legislation. Senate Bill 618 is the latest in a string of attempts in the state Legislature to regulate forest carbon offset agreements.