Effective CO2 emission reduction solutions to reduce environmental impact – Latest information on strategies, technologies and trends being applied to protect our planet.
Let’s learn together and contribute to our collective effort to build a sustainable future.
Looking back at 2023: Positivity thanks to the development of carbon credits
Looking back at 2023, it can be said that this is a remarkable year for the carbon credit market in Vietnam . This year, Vietnam successfully sold 10.3 million forest carbon credits for the first time, earning 51.5 million USD. This is an important milestone, marking the development of the carbon credit market in Vietnam.
The successful sale of 10.3 million forest carbon credits has brought many benefits to Vietnam. First of all, it has contributed to increasing income for forest owners, giving them more motivation to protect and develop forests. Second, it has promoted afforestation activities, contributing to increasing Vietnam’s forest coverage rate. Third, it has helped Vietnam assert its position in the international carbon credit market .
The development of the carbon credit market in Vietnam in 2023 shows the positivity of reducing greenhouse gas emissions in Vietnam. The carbon credit market is an effective tool to incentivize activities that reduce greenhouse gas emissions, while also generating income for stakeholders.
In the coming time, Vietnam needs to continue to promote the development of the carbon credit market. This can be done through the following solutions:
- Complete the legal framework on carbon credits.
- Build a carbon credit monitoring and control system.
- Strengthen propaganda and raise awareness about carbon credits.
With these efforts, Vietnam can soon achieve the goal of reducing greenhouse gas emissions, contributing to environmental protection and responding to climate change.
Solutions to reduce CO2 emissions in the energy sector
The energy sector is one of the world’s largest CO2 emitters, accounting for about 70% of total emissions. To reduce CO2 emissions in the energy sector, comprehensive solutions are needed, including clean energy development, increasing energy efficiency and carbon capture and storage.
Developing clean energy is one of the most important solutions to reduce CO2 emissions in the energy sector. Clean energy is energy sources that do not emit CO2, such as solar energy, wind energy, hydroelectric energy, biomass energy, etc.
In recent years, clean energy development has made significant progress. Solar energy and wind energy are increasingly being developed. According to the IEA report, global electricity output from solar and wind energy has doubled between 2015 and 2022.
Solutions to reduce CO2 emissions in the industrial sector
The industrial sector is one of the world’s largest CO2 emitters, accounting for about 20% of total emissions. To reduce CO2 emissions in the industrial sector, comprehensive solutions are needed, including:
- Increase energy efficiency
- Apply clean production technologies
- Plant trees to absorb CO2
According to the IEA report, increasing energy efficiency can help reduce CO2 emissions in the industrial sector by one-third. Specifically, solutions from leading businesses such as:
- Hoa Phat Steel Factory has invested in clean production technologies, such as EAF steelmaking technology, blast furnace technology using natural gas,… helping to reduce CO2 emissions from 2.5 tons/ton of product to 1.8 tons/ton of product.
- Vicem Ha Tien Cement Factory has invested in energy-saving cement production technology, helping to reduce CO2 emissions from 800kg/ton of product to 600kg/ton of product.
- Viet Thang textile factory has implemented energy-saving solutions, such as using LED lights, replacing old equipment with new energy-saving equipment,… helping to reduce CO2 emissions from 400kg/ton of product. product down to 300kg/ton of product.
Reducing CO2 emissions in the industrial sector is a big challenge, but also an opportunity to develop clean, sustainable production technologies. To achieve this goal, efforts from the Government, businesses and people are needed.
Solutions to reduce CO2 emissions in the transportation sector
Transportation is one of the world’s largest CO2 emission sectors, accounting for about 20% of total emissions. To reduce CO2 emissions in the transportation sector, more comprehensive solutions are needed.
Increasing the use of public transportation is one of the most important solutions to reduce CO2 emissions in the transportation sector. Public transport is much more energy efficient than private cars.
In addition, developing vehicles running on clean energy such as electric vehicles, hybrid vehicles, vehicles running on biofuels, etc. is an important solution to reduce CO2 emissions in the transportation sector. load.
So what is the solution to reduce CO2 emissions in the future? Please read the detailed content below.
3 Solutions to reduce CO2 emissions, expected to be emphasized in the future
To effectively reduce CO2 emissions, we need solutions such as:
- Developing clean energy
- Increase energy efficiency
- Carbon capture and storage
Developing clean energy
Developing clean energy is one of the most important solutions to reduce CO2 emissions and cope with climate change. Clean energy is energy sources that do not emit CO2, such as solar energy, wind energy, hydroelectric energy, biomass energy…
Increase energy efficiency
During economic downturns, consolidation in the market becomes more evident, especially in the energy efficiency sector: E-commerce platforms often apply deep discounting strategies, causing generate low profit margins. With rising costs and plummeting demand, online retail businesses may face the risk of losing effort and market share.
In this context, small-scale retailers, especially those without access to bank credit, may face difficulties and lose market share. Therefore, retailers with stable cash flow and flexible financial management capabilities can take advantage of opportunities to expand the market and capture market share in the context of fierce competition.
At the same time, increasing energy efficiency is also an important part of the development strategy. Energy saving measures not only help reduce costs but also demonstrate a business’s commitment to environmental protection and sustainable development.
Carbon capture and storage
Market expectations for carbon capture and storage (CCS) are growing as governments and businesses increasingly seek solutions to reduce greenhouse gas emissions. CCS is a technology that can remove CO2 gas from the atmosphere and store it underground.
According to a BloombergNEF report, the global CCS market is expected to reach a value of $150 billion by 2030, up from $1.8 billion in 2022. This growth is driven by a number of factors, including:
- The rise of carbon neutrality targets: Many countries and businesses have committed to going carbon neutral by 2050 or sooner. To achieve these goals, they need to reduce greenhouse gas emissions. CCS is a key technology to achieve this goal.
- Evolution of CCS technologies: CCS technologies are improving in efficiency and cost. This makes CCS more attractive to investors and businesses.
- Supportive policies: Many governments are offering support policies for CCS, such as subsidies and tax credits. This helps reduce the cost of CCS and accelerate the deployment of this technology.
The CCS market is still relatively new, but has the potential to grow strongly in the coming years. CCS can play an important role in reducing greenhouse gas emissions and responding to climate change.
Vietnam is a developing country, with rapid urbanization and increasing energy demand. To achieve the goal of reducing CO2 emissions, Vietnam needs to synchronously implement the above solutions and also need the cooperation of the whole community.