The Prime Minister called on organizations and businesses to establish a new vision, mindset, determination, and take more drastic actions to join the Government in fighting climate change.
On the afternoon of December 1, within the framework of COP28, Prime Minister Pham Minh Chinh and Global CEO of Standard Chartered Bank Bill Winters co-chaired the event Mobilizing finance to implement Vietnam's commitments on climate change.
Two years ago, at COP26, Prime Minister Pham Minh Chinh announced that Vietnam is committed to achieving net zero emissions by 2050.
The Prime Minister said that since then, the Government has focused on building a renewable energy industry and an ecosystem for developing renewable energy. A climate change strategy to 2050 has been developed. Power Plan 8 has been issued, including renewable energy sources.
Vietnam has also issued a project to grow one million hectares of high-quality, low-emission rice by 2030. "This is the only project in the world to grow high-quality, low-emission rice, contributing to the development of sustainable green agriculture and ensuring food security," said the Prime Minister.
The Government leader said that since COP26, Vietnam has been fighting the Covid-19 pandemic while fulfilling its commitments to combat climate change. Over the past two years, the economy has been stable, inflation, public debt, government debt, and budget deficit have all been controlled. Vietnam's economy has a good foundation, creating room for development in the coming years and moving towards green and circular transformation.
Prime Minister Pham Minh Chinh speaks at the event Mobilizing finance to implement Vietnam's commitments on climate change on the afternoon of December 1. Photo: Duong Giang
However, Vietnam is a developing country with a transitional economy, modest in scale, high openness, limited resilience, and many internal difficulties that have not been resolved. Therefore, the Prime Minister called for international support and solidarity to implement the commitment to net zero emissions by 2050.
The Head of Government also said that there needs to be an approach to addressing climate change that is appropriate to Vietnam’s reality. Resources from public-private partnerships need to be mobilized to fulfill commitments. Digital infrastructure, new governance models, and human resources need to be met.
"These are solutions for Vietnam to transform from high emissions to low emissions and zero emissions by 2050, contributing to protecting the warming earth, developing sustainably, and leaving no one behind," said the Prime Minister.
Mr. Bill Winter, Global CEO of Standard Chartered Bank, affirmed that he will continue to open branches in Vietnam and invest more capital in projects. Developing a green economy and renewable energy is a useful and effective transition to using new environmentally friendly fuel sources.
Standard Chartered's leaders hope to work with all parties to build a support mechanism for people during Vietnam's implementation of its commitment to net zero emissions. He also recommended that Vietnam should create a carbon credit market during this period with the participation of businesses to promote sustainable growth.
Mr. Bill Winter, Global CEO of Standard Chartered Bank. Photo: Duong Giang
Prime Minister Pham Minh Chinh is attending the World Climate Action Summit within the framework of the 28th Conference of the Parties to the United Nations Framework Convention on Climate Change (COP28) and many bilateral activities in the UAE until December 3.
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