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Feb 15, 2022 / 04:46

Vietnam expects UK support in creating carbon market

Vietnam hopes that international financial sources would be significant to its carbon neutrality journey.

Vietnam wants the UK to help it create a carbon market for trading with international partners to materialize the net-zero target by 2050 that Hanoi pledged at the 26th United Nations Climate Change Conference (COP26) in Glasgow in 2021.

 Vietnam’s Prime Minister Pham Minh Chinh and British Cabinet Minister Alok Sharma in Hanoi on Feb 14. Photo: Nhat Bac/ VGP

Prime Minister Pham Minh Chinh expressed his hope at the meeting with British Cabinet Minister Alok Sharma in Hanoi on February 14.

In addition, Vietnam hoped that the support would cover the establishment of a Renewable Energy Center for training human resources, transferring technology, sharing experience in legislation and national governance.

The UK is expected to extend technical assistance to help Vietnam transpose its commitments at COP26 into laws; access the current status of greenhouse gas emissions of enterprises and emitters in Vietnam; seek investment in solar energy; and assess Vietnam’s wind energy potential.

Chinh also hoped for further British assistance in technology and finance that could be sourced from international credit institutions.

At the meeting, Chinh shared that Vietnam is working towards the implementation of the net zero commitments by reviewing the national power development plan with a focus on renewables to make the energy transition smooth.

Alok Sharma highly appreciated Vietnam’s commitments, its role in implementing the regional green growth targets, and its concrete action plans for the journey ahead.

He said that the UK would make mechanisms that enable Vietnam to access and mobilize international financial sources.

 Representatives at the launching ceremony of Vietnamese youth’s report with the attendance of British Cabinet Minister Alok Sharma on May 29, 2021. Photo: UNDP Vietnam

In May 2021, Alok Sharma visited Vietnam to join a dialogue with Vietnamese youth on climate change. The dialogue, which was held with the support of UNDP, offered a unique opportunity for youth representatives to share their views on climate change and discuss actions to advance the youth agenda in the lead up to the upcoming Global Youth Summit in Milan, Italy in September 2021 and the COP26 in Glasgow, the UK in November 2021.

On this occasion, Vietnamese youth submitted a Special Report entitled “Youth for Climate Action in Vietnam”. Co-written by 20 young authors from diverse backgrounds, representing approximately 900 youth across Vietnam, the report, which is as part of the UNDP Global Programme ‘Climate Promise’, addresses four major bottlenecks in undertaking climate action namely (1) financial constraints; (2) lack of support from stakeholders; (3) skills limitations; and (4) technological limitations.

To unblock these bottlenecks, the report recommends ten accelerators, which include: establishing a youth network for climate, and launching a climate learning hub. These accelerators were incorporated into a roadmap towards COP26 and action goals for the 2022-2025 period to enhance the contribution from the youth to Vietnam’s Nationally Determined Contribution (NDC).

The COP26 President-Designate Alok Sharma sent a message to Vietnamese youth which stated “This is a passionate report which speaks from the heart of youth, sets out some very clear ideas what we ought to be doing together to tackle climate change. The future does indeed belong to young people around the world. That’s why it’s vital that your voice is heard loud and clear. This report is also one which speaks with passion – the passion of youth. Whatever policies world leaders come up with, whatever plan they have, they must always think of the planet first. Frankly, that’s also the message that comes through your report. It is the report that says pick the planet.”