Vietnam strives to reach net zero targets before 2050: PM

Prime Minister Pham Minh Chinh reaffirmed Vietnam's commitment to achieving net-zero emissions by 2050 during his speech at the G20 Summit in Rio de Janeiro, Brazil, on November 19.

Prime Minister Pham Minh Chinh at the session. Photos: Nhat Bac

Speaking at the session on sustainable development and energy transition, Chinh said Vietnam is committed to sustainable growth, stressing that the country will not sacrifice social welfare, progress, equity, or environmental protection for economic growth.

"Every action we take today will shape the destiny of future generations. Vietnam is dedicated to working alongside other nations and partners to achieve the net-zero emissions target by  2050," he stated, highlighting this goal as a crucial contribution to a greener, more sustainable world for future generations.

Vietnam had previously committed to net-zero emissions at COP26 in 2021. At the G20 meeting, Prime Minister Chinh presented three proposals to accelerate emissions reductions.

First, he stressed the importance of driving three key transitions: digital transformation, green transformation, and energy transition. He described digital transformation as the foundation, green transformation as the guiding focus, and energy transition as the driver of sustainable development and carbon reduction.

Overview of the session.

Second, he advocated increased investment in human development, in which people should remain at the heart of progress. He called for a focus on equity, social welfare, and environmental protection as integral components of sustainable development.

Third, the Prime Minister urged the adoption of innovative financing and investment models, particularly public-private partnerships (PPPs), to mobilize and effectively deploy resources for sustainable development and energy transition.

The Vietnamese Government leader’s active participation and constructive contributions to the Summit were highly regarded by G20 members and other participants. His presence underscored Vietnam's growing role and international standing in addressing global challenges.

During the discussion, world leaders acknowledged the slow progress in achieving the United Nations' Sustainable Development Goals (SDGs). Many developing nations face significant obstacles in ensuring an equitable energy transition. Participants shared strategies to address economic inequality, strengthen environmental protection, and develop green financial policies to mobilize international resources for developing nations.

Delegates collectively emphasized the need to increase financing for the global energy transition. They called for more diverse sources of financing for technology and infrastructure investments and highlighted the importance of public-private partnerships in advancing energy transition efforts, especially in developing countries.

This year's G20 Summit, held in Rio de Janeiro, marked the largest gathering of leaders to date, with representatives from 21 G20 members, 19 guest nations, and 15 major international organizations.