SynopsisA workshop jointly organized by the International Finance Corporation and the Vietnam Steel Association in Hanoi brought together representatives from nearly 60 steel-producing firms to discuss greenhouse gas emission accounting, mitigation methods, and reporting techniques, reports VN Plus. The event aimed to enhance steel producers' understanding of decarbonization technologies, reduce carbon emissions in their products, and prepare for carbon trading. The steel industry, a key sector in Vietnam, faces the challenge of complying with the European Union's Carbon Border Adjustment Mechanism starting from October 2023.ArticleIn a collaborative effort, the International Finance Corporation and the Vietnam Steel Association organized a training workshop in Hanoi on September 12. The workshop drew participation from nearly 60 steel-producing firms and focused on methods of greenhouse gas emission accounting, mitigation, and reporting for the steel industry.This event provided a valuable opportunity for steel producers to delve into industrial decarbonization technologies, with the goal of reducing carbon emissions in their products. Discussions centered on carbon trading, a strategy that can assist in meeting increasingly stringent regulations aimed at achieving net-zero emissions. Additionally, the workshop addressed the growing demand for low-carbon steel by end buyers in the value chain.Nghiem Xuan Da, Chairman of VSA, highlighted the workshop's emphasis on measures to aid businesses in conducting greenhouse gas emission accounting and mitigation more effectively. Such measures are crucial for compliance with legal requirements and the expectations of import markets, including those in the European Union. As part of its efforts, the event provided steel companies with Excel models for preparing annual greenhouse gas emissions reports and mitigation plans, aligning with Vietnam's regulations.Notably, starting from October 1, 2023, steel enterprises exporting to the EU must adhere to the EU's Carbon Border Adjustment Mechanism, commencing with greenhouse gas emission accounting.The steel industry holds a pivotal role in Vietnam, supplying materials to various sectors such as construction, shipbuilding, automobile manufacturing, and more. According to VSA statistics, Vietnam exported approximately 8.4 million tonnes of steel valued at nearly $8 billion Uin 2022, though these figures represented a 35.85% decline in volume and a 32.2% drop in value compared to the previous year.Ma Khai Hien, Director of the Energy Conservation Research and Development Centre (ENERTEAM), underscored the significant challenge facing Vietnam's steel manufacturing enterprises. The average rate of greenhouse gas emissions in the industry is approximately 23% higher than the global average, making it imperative for these companies to adopt emission reduction measures.ConclusionThe collaborative workshop between the International Finance Corporation and the Vietnam Steel Association marked a significant effort to address greenhouse gas emission reporting, mitigation, and accounting in the steel industry. By enhancing understanding and preparing for carbon trading and compliance with the EU's Carbon Border Adjustment Mechanism the steel sector in Vietnam is taking steps towards a more sustainable and environmentally responsible future.