In the face of the increasingly evident and severe impacts of climate change, countries and businesses are investing more and more resources into projects and actions aimed at reducing emissions into the environment. The MRV system, measuring, reporting, and verifying greenhouse gas emission reduction results, is the foundation for realizing these emission reduction efforts and actions. Understanding MRV helps businesses and organizations easily implement emission reduction actions and protect the environment.
1. What is MRV?
The MRV system - Measurement, Reporting, and Verification - is a system for "monitoring and quantifying the progress and results of greenhouse gas emission reduction activities through a complete and unified system," according to the definition in the draft government decree on the roadmap and methods of participating in global greenhouse gas emission reduction activities (2019).
In Decree 06/2022 of the Government, the greenhouse gas emission reduction MRV system is redefined as a system for collecting, processing, managing, storing, providing, and verifying information and verifying the results of greenhouse gas emission reduction to ensure transparency, accuracy, and verifiability.
Components and steps of MRV implementation
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Measurement: Determine the amount of greenhouse gas emissions reduced from emission reduction measures that have been recognized by the competent authority.
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Reporting: Calculate, summarize and submit the results of measuring greenhouse gas emission reductions and related information in accordance with regulations.
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Verification: Evaluate the report on the results of measuring greenhouse gas emission reductions and related information according to the methods issued by the competent authority.
The MRV (Measurement, Reporting, Verification) system plays a fundamental role in realizing greenhouse gas emission reduction efforts. This system provides transparent and unified information to assess the effectiveness of emission reduction activities and projects, thereby creating trust for stakeholders, especially investors.
2. The context of MRV
The term MRV originated from the UNFCCC's Bali Action Plan in Indonesia in late 2007. The main objective of MRV is to "enhance the transparency of developing countries' climate change mitigation efforts and build trust between all countries" - UNFCCC (2011).
In the context of the increasingly real and unpredictable impacts of climate change, at COP21 with the participation of parties to the United Nations Framework Convention on Climate Change (UNFCCC), the Paris Agreement was signed, requiring participating countries to submit nationally determined contributions (NDCs) on greenhouse gas emission reductions, including Vietnam.
On July 24, 2020, the Prime Minister approved an update of Vietnam's Nationally Determined Contribution (NDC), including a national greenhouse gas emission reduction target of 9% compared to the business-as-usual (BAU) scenario using domestic resources, and the contribution can go up to 27% if Vietnam receives international support. To achieve this emission reduction target commitment, Vietnam needs to implement emission reduction projects and efforts at different levels. [A1]
The requirements for implementing common greenhouse gas emission reduction measures across countries have created a demand for a system to assess the effectiveness of emission reduction measures on a unified scale, standard, and transparency between countries around the world.
3. The essential role of MRV
The MRV system was born to address the requirements from the process of implementing common climate change mitigation efforts.
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Effectiveness assessment: MRV provides accurate information on the amount of GHG emissions reduced from projects, thereby helping businesses and organizations assess the effectiveness of their mitigation activities.
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Enhanced transparency: MRV ensures transparency in implementing GHG emission reduction commitments, building trust with stakeholders, especially investors and governments.
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Supporting resource mobilization: The MRV system makes it easier for businesses to access financing for GHG emission reduction projects.
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Promoting responsibility: MRV encourages businesses and organizations to take more responsibility for reducing GHG emissions, contributing to the protection of the common environment.
4. Application of MRV in Vietnam
To achieve the greenhouse gas emission reduction targets that Vietnam committed to under the Paris Agreement framework, project- and business-level greenhouse gas emission reduction plans also need to be implemented in accordance with the MRV framework. The results of greenhouse gas emission reductions at the project and business level implemented in accordance with the MRV system submitted to the competent ministries and branches are the basis for a unified and transparent report by the Government on the level of greenhouse gas emission reductions in accordance with the Nationally Determined Contribution target.
Urgent need: Vietnam has committed to reducing net GHG emissions by 8% - 10% compared to projected emissions in 2030. To achieve the greenhouse gas emission reduction targets that Vietnam committed to under the Paris Agreement framework, project- and business-level greenhouse gas emission reduction plans also need to be implemented in accordance with the MRV framework. The results of greenhouse gas emission reductions at the project and business level implemented in accordance with the MRV system submitted to the competent ministries and branches are the basis for a unified and transparent report by the Government on the level of greenhouse gas emission reductions in accordance with the Nationally Determined Contribution target.
Immature system: Currently, the MRV system in Vietnam is still new and is being improved. The technical guidelines for implementing MRV have been newly issued by a number of ministries and branches, but they still have many limitations and are not yet complete.
As of June 27, three ministries and branches have published technical guidelines for implementing MRV:
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Circular No. 38/2023 of the Ministry of Industry and Trade: Regulating the technical measurement, reporting, verification of greenhouse gas emission reduction and greenhouse gas inventory in the industry and trade sector.
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Circular No. 17/2022 of the Ministry of Natural Resources and Environment: Regulating the technical measurement, reporting, verification of greenhouse gas emission reduction and greenhouse gas inventory in the field of waste management.
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Circular No. 23/2023 of the Ministry of Agriculture and Rural Development: Regulating the measurement, reporting, verification of greenhouse gas emission reduction results and greenhouse gas inventory in the forestry sector.
The circulars have created a foundation for businesses to implement the MRV system for their greenhouse gas emission reduction activities. However, these guiding circulars are still in its early stages, making it difficult for businesses to implement in practice.
Support solution: Giant Barb is a pioneer in providing comprehensive MRV solutions, supporting businesses in building and implementing an effective MRV system that meets all legal and international standards.
5. Realizing greenhouse gas emission reduction efforts with Giant Barb
Understanding this, Giant Barb is currently providing comprehensive solutions to accompany businesses in implementing their greenhouse gas emission reduction efforts. With a team of experienced in implementing greenhouse gas reduction projects, Giant Barb wants to work with businesses to minimize climate change and help the environment and the Earth become greener and cleaner!
Benefits of cooperating with Giant Barb
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Experienced team of experts: Giant Barb has a team of experts with deep knowledge of MRV, who have successfully consulted and supported many businesses in implementing the system.
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Comprehensive solution: Giant Barb provides a full range of services from building an MRV system, training staff, measuring, reporting to verifying results, ensuring that businesses meet all requirements.
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Save time and costs: Cooperating with Giant Barb helps businesses save time and costs in implementing the MRV system, while ensuring accuracy and efficiency.
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