REC Support to EESD – Deliverable 1: REC Stocktaking and Mapping Report (FINAL)

The program's REC Support to EESD – Deliverable 1: REC Stocktaking and Mapping Report, finalized on April 23, 2021, provides an overview of the current state of renewable energy certificates (RECs) in Vietnam. The report highlights the importance of RECs in tracking and verifying the generation and consumption of renewable energy in key markets, including Singapore, China, and the US. It also reviews the existing legal, regulatory, and institutional framework for RECs in Vietnam, including climate change and green growth policies, laws, and regulations. The report identifies several gaps and barriers in the current REC system in Vietnam, including the lack of a clear definition of RECs, inadequate institutional capacity, and limited market demand. It also assesses the potential for development of the REC market in Vietnam, including the size of the potential market and the potential players involved. The report provides an overview of the current REC market in Vietnam, including the advent of the market, the size of the current market, and the potential for development. It also reviews the status of RECs markets in Vietnam, including the list of REC registrars active in the country, ownership and registration of RECs by operating RE GENCOs, and the review of RECs services currently provided in Vietnam. The report includes several annexes, including a list of projects in Vietnam registered with I-RECs, REC tracking system fees schedules, and a list of potential wind, solar, hydro, biomass, waste, and biogas REC registrants. It also includes several figures and tables, including a mission workflow, carbon taxes around the world, and a proposed MRV coordination process at three levels. The report concludes that the development of a REC system in Vietnam is crucial for achieving the country's renewable energy targets and reducing greenhouse gas emissions. It recommends that the government of Vietnam establish a clear definition of RECs, improve institutional capacity, and promote market demand to support the development of the REC market. The report also highlights the importance of international cooperation and knowledge sharing in the development of the REC system in Vietnam. It notes that the country can learn from international best practices and experiences in REC tracking and management systems, and that collaboration with international organizations and experts can help to overcome the challenges and barriers faced by the country in developing its REC system. Overall, the report provides a comprehensive overview of the current state of RECs in Vietnam and highlights the importance of developing a robust REC system to support the country's renewable energy targets and reduce greenhouse gas emissions.