Carbon Market Rules Reshaped Along Dual Tracks; Green Consumption Accelerates Downward Penetration | ESG Daily Report, August 22

【Answer 1】 Core Content: At the 'Vietnam Carbon Forum 2026' (theme: From Policy to Action) held in Ho Chi Minh City on August 14, the Hanoi Stock Exchange (HNX) disclosed that Vietnam’s domestic carbon market—launched on a pilot basis on June 29—has operated stably. The national registry system currently manages approximately 510 million tonnes of CO₂e emission allowances for 2025–2026. Ninety-two organizations—primarily from the steel, cement, and thermal power sectors, the three largest emitting industries—have registered to participate. The first transaction (VN2025 allowances) involved 1,210 tonnes, closing at VND 130,000 per tonne (intraday high: VND 136,000). The market employs T+0 real-time settlement; allowances and credits must first be deposited into the National Registry System before being transferred to the Vietnam Securities Depository and Clearing Corporation (VSDC) for custody. Vietnam has signed bilateral Article 6.2/6.4 carbon credit exchange agreements with Japan and Singapore; the agreement with Singapore (signed September 16, 2025) has recently received domestic approval. Business Value: Vietnam’s carbon market has transitioned from policy design to operational implementation, making it one of Southeast Asia’s most representative emerging carbon markets. With 92 high-emission enterprises participating early and MRV (Measurement, Reporting, Verification) and custody systems built in parallel, the market provides carbon-cost signals and pathways to emission-reduction assets for export-oriented manufacturers—especially those embedded in steel, cement, and thermal power supply chains. The Article 6 bilateral channel with Singapore has been established ahead of domestic liquidity, signaling opportunities for Chinese enterprises expanding overseas to explore Vietnamese emission-reduction project development and cross-border credit cooperation. Original Link: en.sggp.org.vn/vietnam-... https://en.sggp.org.vn/vietnam-carbon-market-draws-92-participants-after-two-months-of-trading-post128876.html Global Turkey, Host of COP31, Joins the Coalition to Grow Carbon Markets; Carbon Markets Designated as a Key COP31 Priority Published: August 6, 2026 (announced by the Coalition to Grow Carbon Markets) Core Content: Turkey—the host country of COP31—joined the intergovernmental Coalition to Grow Carbon Markets on August 6 alongside Ghana and Luxembourg, bringing total membership to 14 countries (co-chaired by the UK, Singapore, and Kenya, launched in 2025). Murat Kurum, Turkey’s Minister of Environment and COP31 President, explicitly designated carbon markets as a central agenda item for COP31 (November 9–20, Antalya), stating, “We must ensure carbon markets take their rightful place.” He also previewed that the Coalition will release a Policy Playbook at COP31 to provide practical options for stimulating demand for high-integrity carbon credits. Turkey enacted its first climate law last year, laying the legal foundation for its domestic carbon market. Business Value: For the first time, the COP host country is driving carbon market issues at the highest political level—bolstering corporate credibility and reducing reputational risks associated with greenwashing, thereby boosting voluntary carbon market demand. However, global carbon credit retirements declined 28% month-on-month in July and have fallen to their lowest level since 2021, indicating persistent weakness on the demand side. Whether policy signals translate into tangible procurement tools (e.g., tax treatment, disclosure guidance, public procurement rules) hinges on the substance and usability of the November Policy Playbook. This development offers medium- to long-term demand support expectations for carbon credit developers and emerging-market supplier countries—including African members such as Ghana.

COP31 Co-Chairmanship Announced; ASEAN Sustainable Debt Surges | ESG Daily Report, August 18

【Answer 2】 This Edition’s Key Focus: COP31 in Antalya announces the ‘Turkey-as-Host + Australia-as-Negotiator’ dual-chairmanship structure; four pillars define COP31 as an ‘Implementation COP’; the UN General Assembly votes 141–8–28 to welcome the ICJ’s climate advisory opinion, elevating climate harm to a binding state legal obligation; the U.S. formally urges the EU to narrow the scope of CSRD and CSDDD, escalating transatlantic regulatory tensions; ASEAN sustainable debt surges in Q2 (ESG loans up 54.1%, green bonds up 72.9%), while Thailand and Indonesia accelerate adoption of green taxonomies and Indonesia’s Financial Services Authority (OJK) advances its carbon trading framework. Key Highlights Summary Global Governance COP31 Antalya Dual-Chairmanship Announced; Four Pillars Define an ‘Implementation COP’ Published: August 2026 (preparatory phase) Core Content: COP31 will be held in Antalya, Turkey, from November 9–20, 2026, under a unique ‘dual-chairmanship’ model: Turkey serves as both host country and official COP President (Environment Minister Murat Kurum), while negotiation leadership is delegated to Australia (Climate Minister Chris Bowen as ‘Negotiation Chair’). The agenda centers on four pillars: ① Response to the Global Stocktake (GST), aiming to drive collective emissions reductions of ~43% by 2030 relative to 2019 levels; ② Review of NDC 3.0, marking the first time countries collectively assess whether their 2035 NDCs align with the 1.5°C target; ③ Operationalization of the New Collective Quantified Goal (NCQG), defining the composition and governance of the $100 billion/year climate finance target; and ④ Governance and implementation of the Loss and Damage Fund. Turkey also introduces a ‘Zero Waste’ agenda, with the Istanbul Declaration—endorsed by 108 countries—bringing circular economy principles into the core narrative. Business Value: The dual-chairmanship and four-pillar framework signal COP31’s shift from ‘setting targets’ to ‘verifying action’. Enterprises must proactively assess implications across Article 6 carbon markets, NDC 3.0-related supply-chain carbon constraints, and climate finance flows. Original Links: whglhb.com/news_detail/... ; cop31.co.uk/?... International Law UN General Assembly Votes 141–8–28 to Welcome ICJ Climate Advisory Opinion; Climate Harm Recognized as a State Legal Obligation Published: May 2026 (UNGA vote) Core Content: In July 2025, the International Court of Justice (ICJ) issued a climate advisory opinion affirming states’ legal obligation to protect the environment and recognizing climate harm as a threat to fundamental human rights—including the rights to life and health. In May 2026, the UN General Assembly welcomed this opinion with 141 votes in favor, 8 against, and 28 abstentions. The Environmental Integrity Group (EIG) noted that, per this opinion, states must exercise due diligence to ensure their NDCs reflect the highest possible ambition and mitigation capacity. Business Value: Climate issues have escalated from ‘soft-law initiatives’ to ‘hard-law obligations’. Overseas energy and infrastructure projects must now incorporate climate-related human rights due diligence to mitigate risks of cross-border climate liability and associated litigation. Original Links: whglhb.com/news_detail/... ; youngausint.org.au/post...

Turkey’s Environment Minister Lays Out Agenda for COP31 Summit

1 day ago

Turkey’s Environment Minister outlined the COP31 agenda, prioritizing 35% global electrification by 2035 and green industrialization. Supported by IEA analysis, the plan aims to reduce reliance on foreign energy through battery storage and power grids despite geopolitical tensions.

bloomberg

2026-09-22

Turkey’s Environment Minister Lays Out Agenda for COP31 Summit

Turkey’s Environment Minister Lays Out Agenda for COP31 Summit

FAQ