Vietnam’s commitment to achieving Net Zero by 2050

What are the immediate challenges facing green growth and what problems need to be solved for sustainable development, joining hands for a green Vietnam and Net Zero by 2050… are the main contents discussed at the Conference “Vietnam’s green vision and typical stories”, November 22 in Hanoi.

The workshop had the participation of leading economic experts and representatives of associations; Representatives of international organizations in Vietnam, leaders of strong businesses in different fields but with the same voice and the same Green vision.

Associate Professor. Dr. Tran Dinh Thien, former Director of the Vietnam Institute of Economics, said that Green Vision is a mission that must be carried out, a vital mission, bringing the highest benefits. (Source: BTC)

No country is as fiercely committed as Vietnam

Speaking at the Conference, Associate Professor, Dr. Tran Dinh Thien, former Director of the Vietnam Institute of Economics, said that Green Vision is a mission that must be carried out, a vital mission, bringing the highest benefits. It is a race of humanity, of the Vietnamese Fatherland. Vietnam’s commitment to achieving Net Zero by 2050 has shocked all humanity because stronger countries are just as committed as Vietnam. Countries like India also cautiously committed to 2070, China committed to 2060.

Green growth is the dominant global trend, the top priority choice for the whole world. Vietnam is also under pressure from that trend, and this is also a development direction. Choosing to go in this direction has the potential to make Vietnam a leading country in the region. The first person will have hardships but will also be the first to benefit. That is the benefit for the Vietnamese people first.

“The world is implementing many national and global green growth strategies. Vietnam – there is a good thing – that is that no country is as fiercely committed as Vietnam, committed to the whole world but only at the highest level.

Because of such great commitment, we can face great challenges. But it is also an opportunity for us to receive support sources, policies, technology… With those factors, Vietnam can go ahead,” Mr. Thien emphasized.

According to Mr. Tran Dinh Thien, Vietnam has set a specific goal: To become a developed country with a high average income (greater than 12.000 USD) by 2045. The current average income is just over 3.000 USD but is spent like that. So when your income is 12.000 USD, I wonder what life will be like? That goal will have many challenges. From now until 2045, we will develop differently compared to the previous period. If it can be done, growth will surpass the cheap labor-intensive economy.

Besides, when changing the way of development, Vietnam also has to withstand a different challenge than many countries, which is to withstand climate change. At the same time, changing living methods and urban development pressure. Accordingly, the development method must be changed, in which green is the main priority.

“To concretize this green growth strategic vision, Vietnam has approved a plan, according to which the Government has made specific commitments, not just general commitments. I see very clearly that the action plan is becoming more and more specific, with 17 topics, 57 task groups and 143 specific tasks while building an integrated green growth index. This is an extremely important indicator, without it we cannot grow.

To do this, we have to do many things, we may have to throw away a lot but at the same time we have to create many new things. In general, resources will be very different, meaning resources will have to change a lot. Maybe we need 200-300 billion USD by 2030, this is a huge cost,” Mr. Thien asked.

Associate Professor. Dr. Tran Dinh Thien commented that over the past many years, resources for green growth have begun to be very large. However, the starting point is low, so the scale up to now is not much, many channels for mobilizing resources are sometimes not clear.

“Currently, public investment, green credit… are very intense, and at the same time the economic structure is oriented towards green development. We increasingly see these resources expanding further. In the future, technology for green growth will be further developed. In my opinion, capital is a part but requires participation from the government and businesses to serve green. Especially our society, how can we all participate and work towards green goals? Maybe we’re not used to challenging commitments. No matter what we cannot do, we must act decisively for this commitment,” he said.

Net Zero is a huge challenge but feasible

According to Mr. Tang The Hung, Deputy Director of the Department of Energy Saving and Sustainable Development (Ministry of Industry and Trade), Net Zero is a huge challenge in the economic development process. According to the normal scenario, Vietnam’s total emissions by 2030 are expected to be 932 million tons, of which the energy sector accounts for 680 million tons. Therefore, achieving the Net Zero goal is a huge challenge. According to the recently announced Power Plan VIII, emissions by 2030 could be 250 million tons.

Along with challenges, there are still opportunities. During the transition process, there are two ways: restructuring to increase renewable energy, using cleaner materials, and gradually replacing materials for the 2025 vision. Vision By 2030, the proportion of renewable energy will be high, which is both a challenge and an opportunity.

Delegates participated in discussions at the seminar’s thematic sessions. (Source: BTC)

The field of wind and solar power can attract potential investors, creating conditions for banks to finance capital when the green capital trend is very important in the financial industry. Currently, the world loves green capital and green finance and this will be the competition criterion among banks in the near future.

Regarding solutions on the user and business side, it is important to reduce demand and ensure green criteria. Currently, some countries have produced and used green raw materials and commercialization is not far away. This is a signal that Net Zero is feasible.

At the Conference, representatives of businesses such as Manulife Vietnam, Sun Group, HSBC Vietnam… answered questions related to the problem of how to accelerate the process of transitioning to a Brown economy (many cells). infected) to Green; Xanh SM, Gamuda Land, Hoa Phat, Duy Tan Recycled Plastic and SHB Bank will share their own businesses’ green transformation journey…