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Feb 16, 2023 / 13:29

Vietnam needs US$600 billion to achieve carbon neutrality targets

Vietnam needs to enhance international cooperation and give solutions to raise funds from domestic and international private sectors to realize its net zero emission target by 2050.

It may cost Vietnam US$600 billion to neutralize carbon emissions by 2050, said Kazuo Kusakabe, Chief Representative of Toshiba Asia Pacific Pte., Ltd.

The photo shows several skyscraper buildings in Hanoi. Rapid urbanization in major cities brings about negative impacts on the environment, particularly greenhouse emissions. Photo: Thanh Hai/The Hanoi Times

Kusakabe was speaking at the Vietnam-Japan Research Forum titled " Promoting Post-Covid-19 Vietnam-Japan Cooperation Towards Green Growth" held by the Central Institute of Economic Management (ICES) in Hanoi on February 15.

He stated that climate change is challenging to the entire world, including Vietnam, as it requires unaffordable funds.

The Vietnamese Government needs to step up the approval of big projects supporting green growth, he said.

Economic expert Vo Tri Thanh, Director of the Institute for Brand and Competitiveness Strategy, said Vietnam "cannot go it alone" but promote international cooperation to achieve the goal of net zero emissions by 2050.

"We need solutions to raise funds from domestic and international private sectors to accomplish this goal," said Thanh.

According to ICES director Tran Thi Hong Minh, as one of the countries most affected by climate change, Vietnam has proactively drawn up measures to minimize its impacts, including a series of government documents related to green growth and commitments to net zero carbon emissions by 2050 at the 26th United Nations Climate Change Conference (COP26).

She added that Vietnam had intensified international cooperation on issues related to the green economy and green growth toward sustainable development. In collaboration with Japan, the country has conducted cooperation programs on the matter, which have yielded many significant results, especially in investment, import, export, and development of sustainable infrastructure and human resources.

The room for cooperation on green growth between the two countries remains large, in the fields of electrical and electronic equipment, wooden architecture, wind power, biomass power, solar power sharing, organic aquaculture, and farming, among others.

Experts from the CIEM suggested the two countries' cooperation focus on improving institutional capacity, regulations, and policies related to green growth and developing sustainable infrastructure in Vietnam. In addition, they need to promote low-carbon and -emission value chains and foster the development of international treaties, rules, and standards related to green growth.

Nguyen Anh Duong, Director of the CIEM's General Research Department, said relevant parties in Vietnam, especially small- and medium-sized enterprises, seek opportunities for cooperation and technology transfer from Japanese partners.

However, he said it is needed to improve the quality of domestic service connections regarding logistics, digital technology, and working skills.

At the conference, participants analyzed new domestic and international trends and developments along with the driving forces behind green growth efforts in Vietnam. They also discussed orientations and recommendations to strengthen cooperation between Vietnam and Japan.