According to CAAV, the International Civil Aviation Organization (ICAO) has issued a carbon offset and carbon reduction scheme to lower carbon emissions for international flights by 2050.
In recent years, the Ministry of Transport and the CAAV actively implemented the CORSIA offsetting requirements, inspected and made reports revealing carbon emissions from international flights, and submitted them to ICAO in 2019, 2020, 2021, 2022, and 2023.
The implementation of CORSIA has been divided into two phases, including the voluntary phase running in 2021-2023 and 2024 – 2026, and the mandatory phase from 2027 to 2035.
The CAAV said that the lowest cost of buying carbon offsets in the voluntary phase from January 1, 2024, to 2026 is more than US$13 million with a carbon credit worth around $6. The highest figure is over US$92 million with the price per carbon credit of US$40.
If participating in the voluntary phase starting from January 1, 2025, Vietnam’s aviation sector must pay from US$4.6 million to US$31 million in 2025; and US$5.6 million to US$37.5 million in 2026.
