Through the Business Partnerships Platform (BPP), the Australian Government is calling for partnership proposals to drive innovation and enhance social benefits through carbon markets in Vietnam.
It is an exciting and dynamic time for carbon markets, globally and in Vietnam. The 2021 UN Climate Change Conference in Glasgow (COP26) reached a new agreement on the rulebook for Article 6 of the Paris Agreement, which presents a different context for domestic carbon abatement initiatives. This agreement has the potential to significantly alter the way carbon markets operate and increase global emissions reduction ambitions.
During COP26, Vietnam’s Prime Minister HE Pham Minh Chinh and Australia’s Prime Minister the Hon Scott Morrison MP also released a joint statement on practical climate action emphasising the need for areas of cooperation in addressing common climate challenges, particularly a partnership for carbon offsets in alignment with both countries’ new commitments to move to net zero emissions by 2050.
The BPP’s 2022 call for Vietnam Carbon Markets Partnerships looks to leverage this momentum, alongside Vietnam’s historic success in the first generation of carbon markets. Through this call for partnerships, BPP can support businesses and organisations driving innovation and harnessing their potential to deliver important non-carbon social benefits to Vietnamese communities.
The BPP’s Carbon Markets Partnerships in Vietnam invites proposals from innovative carbon abatement projects and organisations working to reduce the barriers to carbon market entry and innovation. All partnerships will support Vietnamese communities to benefit from innovative, inclusive and sustainable carbon markets.
Two types of partnerships can be supported through the BPP Vietnam Carbon Markets Partnerships:
Enabling carbon markets: proposals are invited for partnerships to address identified market or inclusion barriers. Examples include but are not limited to methods to increase or measure the non-carbon social benefits of carbon markets; building local capacity in carbon inventory and monitoring, reporting and verification (MRV) systems; and facilitating participation in carbon markets by women and other underrepresented groups.
Carbon projects: Proposals are invited for partnerships to pilot and demonstrate best-practice models in verified carbon credit generation. This targets projects generating carbon abatement under rigorous methodologies and carbon standards, aligning with those accepted under Climate Active, for example Verra and Gold Standard. The partnerships are targeting the waste; land use, land-use change and forestry; agriculture; or energy sectors.
The BPP’s Vietnam Carbon Markets Partnerships offer from AUD250,000 to AUD1,000,000 in funding for businesses driving innovation in carbon abatement generation or working to enable the conditions for carbon markets to thrive and maximise the benefits to Vietnamese communities.
A co-contribution is required to ensure that both the Australian Department of Foreign Affairs and Trade (DFAT) and partners are investing in the partnership. The co-contribution must match or exceed the DFAT investment through cash or in-kind contributions. *Please note tax cannot be paid from the BPP contribution.
Partnerships can range from a minimum of one year to a maximum of two years. Implementation should begin by September 2022 and be completed no later than September 2024.
The deadline for submission of concept notes is 8.00p.m. AEDT / 5.00p.m. ICT on 18 May 2022.
Guidelines for applicants to the BPP Vietnam Carbon Markets Call for Partnerships are available here.