Vietnam's commitment to achieve Net Zero by 2050 is shocking

What are the immediate challenges for 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 Workshop "Vietnam's Green Vision and Typical Stories" on November 22 in Hanoi.

The workshop was attended by leading economic experts, representatives of Associations; representatives of international organizations in Vietnam, leaders of strong enterprises in different fields but with the same voice and the same Green vision.

PGS. TS Trần Đình Thiên: Việc Việt Nam cam kết đạt Net Zero vào năm 2050 gây sửng sốt

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

No country is as committed as Vietnam.

Speaking at the workshop, Associate Professor Dr. Tran Dinh Thien, former Director of the Vietnam Economic Institute, said that the Green Vision is a mission that must be carried out, a mission of survival, 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 the whole world because stronger countries have only made the same commitment as Vietnam. Countries like India also made a cautious commitment to 2070, China committed to 2060.

Green growth is a global trend, the top priority choice of the whole world. Vietnam is also under pressure from that trend, and at the same time, this is also a development direction. Choosing to follow this direction has the potential to make Vietnam a leading country in the region. The pioneer 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 green growth strategies at the national and global levels. Vietnam has one good thing - that is, no other country has made such a strong commitment as Vietnam, a commitment to the whole world, all of which are top-notch commitments.

With such a big commitment, we can face big challenges. But it is also an opportunity for us to receive support sources, policies, technology... With those factors, Vietnam can go behind and come 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 if we spend like this, then when the income is at 12,000 USD, who knows what life will be like? That goal will have many challenges. From now until 2045, we will develop differently than in the previous period. If we can do it, growth will surpass the economy that is intensive in cheap labor.

In addition, when changing the development method, Vietnam also has to cope with a different challenge than many other countries, which is to cope with climate change. At the same time, changing the way of life, the pressure of urban development. Accordingly, it is necessary to change the development method, in which green is the main thing.

"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 simultaneously building an integrated green growth index. This is an extremely important indicator, without which we cannot grow.

To do this, we have to do a lot of things, maybe we have to give up a lot but at the same time we have to create a lot of new things. In general, resources will be very different, that is, resources have to change a lot. Maybe we need 200-300 billion USD by 2030, this is a very large cost," Mr. Thien raised the issue.

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

"Currently, public investment sources, green credit... are very fierce, at the same time the economic structure is all oriented towards green development. We increasingly see that these resources will expand further. In the future, technology for green growth will be further developed. In my opinion, capital is a part but it needs participation from the government and businesses to serve green. Especially our society, how can everyone participate and move towards green goals. Maybe we are not used to challenging commitments. There is no problem that we cannot fulfill, we must act decisively for this commitment," he said.

Net Zero is a huge challenge but achievable

According to Mr. Tang The Hung, Deputy Director of the Department of Energy Efficiency and Sustainable Development (Ministry of Industry and Trade), Net Zero is a huge challenge in the process of economic development. According to the business-as-usual 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 target 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. In the transition process there are two ways: restructuring to increase renewable energy, using cleaner materials, gradually replacing materials for the 2025 vision. In the 2030 vision, the rate of renewable energy is high, this is both a challenge and an opportunity.

Delegates participating in the discussion at the thematic session of the Workshop. (Source: Organizing Committee)

The wind and solar power sectors 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 is very fond of green capital and green finance and this will be a competitive criterion between banks in the near future.

In terms of solutions for users and businesses, 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 Workshop, representatives of businesses such as Manulife Vietnam, Sun Group, HSBC Vietnam... answered questions related to the problem of how to accelerate the transition from a Brown economy (high pollution) to a Green one; Green SM, Gamuda Land, Hoa Phat, Duy Tan Recycled Plastics and SHB Bank will share their own green transformation journey...

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