Vietnam commits to reducing emissions by 27% by 2030, 0% by 2050

The 26^th UN Climate Change Conference of the Parties (COP26) received the participation of approximately 30,000 delegates who are member countries, multilateral organizations, NGOs, financial institutions and multinational corporations. More than 100 senior leaders of countries also attended this important event.

Prime Minister Pham Minh Chinh led the Vietnamese delegation to attend COP26. The delegation includes Minister of Public Security To Lam, Minister of Foreign Affairs Bui Thanh Son, Minister of Agriculture and Rural Development Le Minh Hoan, Minister of Natural Resources and Environment Tran Hong Ha, Minister of Planning and Investment Nguyen Chi Dung, Chairman of the National Assembly's Social Committee Nguyen Thuy Anh, Minister of Industry and Trade Nguyen Hong Dien, Minister of Justice Le Thanh Long, Minister of Information and Communications Nguyen Manh Hung, Deputy Minister of National Defense - Colonel General Hoang Xuan Chien, along with many representatives of ministries and agencies.

Speaking at the COP26 summit, Prime Minister Pham Minh Chinh affirmed that Vietnam, despite being heavily affected by climate change and faced with many difficulties in resources, always identifies green growth as the key objective and task in the sustainable development strategy, which is gradually transformed in a stable, harmonious, reasonable and effective manner, paying attention to the livelihoods of laborers during the transition. Vietnam is always proactive and responsible in the cooperation and implementation of relevant international commitments.

Experts assess Vietnam to be one of the countries that suffered the most from the consequences of global climate change. Therefore, soon before the adoption of the Paris Agreement on Climate Change, Vietnam has developed the contents in September 2015 with the intention of contributing to the response efforts not only at the national level but also taking into account the world’s joint efforts.

Implementing the mechanism of reviewing and updating every five years, in July 2020, the Prime Minister approved Vietnam's updated Nationally Determined Contribution (NDC) content to the UN Climate Change Conference of the Parties in Document No. 1982/VPCP-QHQT.

The updated NDC has identified contributions to greenhouse gas emission mitigation and climate change adaptation committed by Vietnam, which are more in line with the country's current state and forecast of socio-economic development to 2030; ensure conformity with the objectives of the Socio-economic Development Strategy, the National Strategy on Climate Change, the National Strategy on Green Growth and the National Strategy on Natural Disaster Prevention and Control.

Contributions to greenhouse gas emission mitigation

The 2020 updated NDC determined that by 2030 Vietnam will reduce its total greenhouse gas emissions by 9% compared to the normal development scenario by domestic resources and increase its contribution up to 27% with international support through bilateral and multilateral cooperation mechanisms as well as the implementation of new mechanisms under the Paris Agreement (by 2050, the target is set at 0%).

The measures for greenhouse gas emissions mitigation for the 2021 - 2030  period are identified for the following areas:

- Agriculture: Implement measures to mitigate greenhouse gas emissions through the application of management and technological solutions in cultivation and animal husbandry; improve animal diets; transform plant varieties’ structure; change the land use method as well as technology for the treatment and reuse of by-products and wastes in agricultural and livestock production; develop organic agriculture.

- Land use, changes of land use and forestry: Implement measures to mitigate greenhouse gas emissions and absorption through the management of forest land, cropland, grassland, wetland and other soils; develop agroforestry models to improve carbon stocks and conserve soil.

- Energy: Implement measures to mitigate greenhouse gas emissions in energy production and use in energy industry subdivisions, industrial production and construction, transportation, household, and agricultural - commercial services.

- Waste management: Implement measures to mitigate greenhouse gas emissions through management, development and application of technology to treat domestic solid waste, ordinary industrial solid waste and solid waste.

- Industrial processes: Implement measures to mitigate greenhouse gas emissions in the production of construction materials, the chemical industry and the management of HFCs consumption.

The UK, being the President of COP26, sets great expectations through this summit that the international community commits and mobilizes USD 100 billion per year to finance climate change response activities in developing countries while encouraging nations to establish long-term strategies towards the net zero emissions target.

Contributions to climate change adaptation

According to the updated NDC, Vietnam is committed to improving the effectiveness of climate change adaptation through strengthening state management and resources; strengthening resilience and improving the adaptability of communities, economic sectors and ecosystems; reducing risks of disaster and consequential damages; always be prepared to respond to natural disasters and climate extremes increased by climate change.

Adaptation solutions to reduce damage from impacts related to future climate changes are identified for each sector and region.

The updated NDC has added content concerning "Harmony and co-benefits", analyzing the harmonization and co-benefits between greenhouse gas emission mitigation, climate change adaptation, and socio-economic development in association with sustainable development goals in order to assist in identifying actions that will optimize costs and benefits for the implementation of for greenhouse gas emissions and climate change adaptation mitigation measures in sectors and localities.

Vietnam transfers 5.15 million tons of CO₂ to LEAF/Emergent

The two signatories of the Letter of Intent are the Ministry of Agriculture and Rural Development (MARD) and the Organization for Forest Financing (Emergent) - the trustee of the Lowering Emissions by Accelerating Forest finance (LEAF) Coalition, with the participation of Minister Le Minh Hoan and Emergent CEO Mr. Eron Bloomgarden.

With this Letter of Intent, Vietnam transfers to LEAF/Emergent 5.15 million tons of CO2 emission reduction from forests in the South Central region and Central Highlands in the 2022-2026 period.

LEAF/Emergent will pay for this service with a minimum price of USD 10/ton of CO2, resulting in a total value of USD 51.5 million. The registered area of emission reduction commercial forest is 4.26 million ha, including 3.24 million ha of natural forest and 1.02 million ha of plantation forest.

Vietnam is a leading country in the implementation of activities to reduce greenhouse gas emissions from forests on a large scale. This Letter of Intent further marks Vietnam's progress in mobilizing new resources for forest protection and development in line with the achievement of national targets on climate change mitigation.

“The trading for emission reduction from forests is not only a strategic goal but a specific action plan of Vietnam as well as the fruit of effective cooperation between Vietnam, LEAF and Emergent with the valuable support of many countries and international organizations," Mr. Le Minh Hoan, Minister of Agriculture and Rural Development, said at the signing ceremony.

The Vietnam MARD Minister added that the implementation of the Letter of Intent will contribute to integrating the value of forests, promoting sustainable forest management in association with improving the quality of life for local people and communities, and ensuring Vietnam’s ecological safety and socio-economic development.

DH