CEO KLINOVA discusses Australia’s Carbon Leakage Review

On May 7th, at the Australian Embassy in Hanoi, Dr. Nguyen Phuong Nam, CEO of KLINOVA, participated in a discussion with the delegation from the Department of Climate Change, Energy, the Environment and Water (DCCEEW) of Australia regarding Australia’s Carbon Leakage Review.

In March 2023, the #Australian_Government announced that it would conduct a review of carbon leakage risks with its key trading partners, including Vietnam. Specifically, carbon leakage occurs when the production of certain goods shifts from a country with higher emission reduction targets to a country with lower targets due to policy differences. Carbon leakage risks may arise as Australia enhances the ambition of its industrial emission reduction policies. Therefore, the Carbon Leakage Review is expected to assess the level of carbon leakage risk and propose responsive solutions.

As an expert representative from Vietnam, Dr. Nguyen Phuong Nam shared perspectives on the impact of carbon leakage on Vietnam and related policies on businesses in the industrial sector and the impact of the EU’s Carbon Border Adjustment Mechanism (#CBAM). Dr. Nam also provided insights into Vietnam’s approach to emissions reduction, including industrial emission reduction, Nationally Determined Contributions (#NDCs), and industry implementation plans.

Dr. Nam’s contributions helped refine Australia’s Carbon Leakage Review and the Second Consultation Paper along with policy recommendations sent to the Australian Government.

KLINOVA’s participation underscores our commitment to shaping a greener and more sustainable future for our partners and customers. We look forward to collaborating with stakeholders to promote green transformation and sustainable development towards the Net Zero goal.