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Jul 13, 2022 / 13:42

Vietnam wants G7 progress on climate finance

UK is expected to help the country earn G7 climate finance soon to realize its low-carbon path, which is estimated to cost US$350-$400 billion by 2050.

Vietnam has requested the UK to help it seek funding from G7 for achieving the Southeast Asian country’s pledge of net-zero greenhouse gas emissions by 2050. 

 Vietnamese Minister of Natural Resources and Environment Tran Hong Ha in a virtual meeting with Alok Sharma, Minister for the Cabinet Office, the UK, and President for the 2021 United Nations Climate Change Conference (COP26), and British Ambassador to Vietnam Gareth Ward on July 11. 

The request was made by Vietnamese Minister of Natural Resources and Environment (MoNRE) Tran Hong Ha at a virtual meeting with Alok Sharma, Minister for the Cabinet Office, the UK, and President for the 2021 United Nations Climate Change Conference (COP26) this week. 

Alok Sharma is expected to urge related parties and G7 countries (Canada, France, Germany, Italy, Japan, the UK, and the US) to provide loans for Vietnam to help the country in its energy transition.

Seeking climate finance is part of Vietnam's efforts to realize its emission-free targets set at COP26 and G7's Just Energy Transition Partnership (JETP) is one of the models that the Southeast Asian country is looking for.

Vietnam is one of several countries, including Indonesia, India and Senegal, to receive financial support from the G7, according to the group’s Communiqué released in late June 2022. Through the Partnership for Global Infrastructure and Investment, these leaders have committed to mobilizing US$600 billion over the next five years to narrow the global investment gap.

“We will step up our cooperation globally, including through working towards new Just Energy Transition Partnerships with Indonesia, India, Senegal, and Vietnam, building on our existing partnership with South Africa,” stated the Communiqué.

Vietnam has intensified cooperation with a number of economies to pursue the net-zero path, including the UK. JETP is part of the channels that Vietnam is seeking to fund its climate response programs. Its low-carbon journey from now until 2050 is estimated to cost US$350-$400 billion.

The cooperation between Vietnam and the UK in energy transition was determined earlier in talks between Vietnamese Prime Minister Pham Minh Chinh and British PM Boris Johnson and President of the European Commission (EC) Ursula von der Leyen.

At the meeting, Alok Sharma and Ha exchanged views on JETP, the implementation of Vietnam’s commitment made at COP26, Vietnam’s National Strategy on Climate Change by 2050, and Vietnam’s update of Nationally Determined Contribution (NDC).

Regarding NDC, Ha said his ministry is working with foreign experts to update NDC 2022, which will closely follow the content specified in 2020 and add concrete activities to demonstrate Vietnam’s commitment made at COP26.

Alok Sharma said the UK Government will continue its support to Vietnam in the country’s low-carbon journey and the two sides will hold more in-person meetings for further details.

 Young people grow mangroves in Khanh Hoa Province to adapt to climate change. Photo: VNA

Vietnam’s National Climate Change Strategy by 2050 targets sustainable utilization of national resources; carrying out adaptation measures and greenhouse gas (GHG) emissions reduction; safeguarding people’s lives and properties; ensuring sustainable development goals (SDGs); strengthening human and natural system resilience to climate change; develop the low-carbon economy to enhance the quality of life; and ensure national security and sustainable development in the light of climate change and join forces with the international community to protect the global climate.