New green growth strategy to promote carbon-neutral economy

Mangroves grow alongside a residential neighbourhood

 in the Tam Giang Lagoon area of Quang Dien District,

 the central province of Thua Thien-Hue. Photo VNA/VNS

Aiming to make Vietnam a carbon-neutral economy as soon as possible, the draft strategy sets targets on reducing greenhouse gas emissions, helping all economic sectors go green, promoting sustainable consumption, and enhancing resilience during the green transition process, among other matters.

Science and technology, digital transformation, innovation, culture, healthcare, education, and equality in access to opportunities and benefits from growth achievements will be promoted to ensure the dual tasks of achieving green and inclusive growth and building a Vietnamese society in which no one is left behind.

Targets, missions, and measures in the new strategy will be based on a wide range of quantitative methods, econometric models, cost-benefit analysis, and the impact on socio-economic development.

The strategy updates new factors to influence green growth and ensures synchronicity with the 2030 Sustainable Development Goals and the Paris Agreement on greenhouse gas emission reductions.

The strategy will be adjusted to limit any overlaps and create favourable conditions for implementation, monitoring, and evaluation.

According to the ministry, the national strategy on green growth during 2011-20 and vision to 2050 was approved by the Prime Minister on September 29, 2012. After eight years of implementation, it helped raise public awareness about the significance of green growth. Measures to cut greenhouse gas emissions were carried out widely, resulting in such emissions falling 12.9 per cent compared to the normal development scenario.

Energy consumption per unit of GDP declined by an average of 1.8 per cent each year, while 46.9 per cent of businesses targeted cleaner production by 2020 compared to 28 per cent ten years earlier. In particular, outstanding loans funding green growth stood at nearly VNĐ238 trillion (US$10.36 billion) by 2018, or 235 per cent higher than the figure in 2015.

Source: VNA