Abstract
Quebec inaugurated its Cap-and-Trade System for greenhouse gas emission allowances in 2013, and in 2014 linked with California’s program to create the largest North American carbon market and the first cross-border subnational trading system. Despite over a decade of trading and nearly ten years since the Paris Agreement, global warming remains off track. Emerging economies are acting, notably Vietnam, which is establishing a carbon market to support sustainable development and achieve Net Zero by 2050. The present article thus retraces the evolution of Quebec’s Cap-and-Trade system from its beginnings until today, highlighting some of its successes, challenges, before underlining some key insights for Viet Nam. This is done with the goal to provide Vietnamese officials and experts with valuable tools and insights at an important moment in the development of Viet Nam’s carbon market initiative.