Vietnam to become prime destination for green investments

On December 7, at a seminar convened by the Ministry of Natural Resources and Environment (MORNE) and the Embassy of the United Kingdom in Vietnam to announce the results of the COP26 Summit, MORNE Minister Tran Hong Ha emphasized that Vietnam is following humanity's lead in taking strong action to reduce greenhouse gas emissions.

He spoke in-depth on Vietnam's pledges made at COP26 by Prime Minister Pham Minh Chinh and the country's subsequent steps to achieve those commitments.

At the World Leaders Summit held under the framework of COP26, Prime Minister Pham Minh Chinh made bold promises to combat climate change. Vietnam will develop and implement robust emission reduction measures to achieve net-zero emissions by 2050 with the cooperation and support of the international community, particularly developed countries, in terms of finance and technology transfer, including through the implementation of mechanisms under the Paris Agreement.

Vietnam also took part in key statements and activities related to forest conservation, transformation into renewable energy, adaptation assistance for local communities, and methane emission reduction.

Gareth Ward, the UK Ambassador to Vietnam, highlighted the significant accomplishments of COP26, most notably the Glasgow Climate Agreement Package, which featured over 200 nations committing to firmly promoting efforts to limit the global temperature increase to 1.5 degrees Celsius. All nations have agreed to explore increasing their Nationally Determined Contribution (NDC) carbon reduction targets to 2030.

The acceptance of the Glasgow Climate Agreement package brings to a close six years of discussions to produce a Code of Implementation for the Paris Climate Agreement, which will enable the whole globe to properly execute the Agreement's provisions.

At COP26, a commitment was also made to considerably expand financial assistance for poor nations through the Adaptation Fund, as developing countries have urged wealthier countries to double their contribution by 2025.

He said that Vietnam's declaration of a net-zero emissions goal for 2050 demonstrates the country's climate leadership and sends a vital message to the world community about the Vietnamese economy's path toward sustainable growth. The UK and its development partners are dedicated to assisting Vietnam in attaining its new objectives in the future by enhancing its financial and technical assistance offers.

"We aim to assist the Government of Vietnam in determining the optimal mix of growing public investment, mobilizing ODA and concessional loans, and developing suitable management mechanisms to transform Vietnam into an attractive destination for green investments over the next two decades." British Ambassador Gareth Ward said.

Ms. Caitlin Wiesen, Chief Representative of the United Nations Development Program in Vietnam (UNDP), congratulated Vietnam on its long history of pioneering multilateral cooperation, setting the standard for people-centered policy, and increasing inclusive growth and sustainable development on a regional and global scale.

According to Ms. Caitlin Wiesen, UNDP is dedicated to collaborating closely with governments, development partners, enterprises, scientists, women, youth, and local communities to pursue a holistic approach to government and society to achieve these new aspirations.

This will be supplemented by regulatory simplification to enable the private sector to participate fully in the people-centered green economic recovery.