New green growth strategy to promote carbon-neutral economy

Illustrative photo (Source: VNA)

The Ministry of Planning and Investment is working with relevant ministries, sectors, and localities to draft a national strategy on green growth for 2021-2030 and vision to 2050.

Part of making Vietnam a carbon-neutral economy as soon as possible, the draft strategy sets targets on reducing greenhouse gas emissions, greening all economic sectors, 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 of influence to the 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 2011-2020 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 percent compared to the normal development scenario.

Energy consumption per unit of GDP declined by an average of 1.8 percent each year, while 46.9 percent of businesses targeted cleaner production by 2020 compared to 28 percent ten years earlier. In particular, outstanding loans funding green growth stood at nearly 238 trillion VND (10.36 billion USD) by 2018, or 235 percent higher than the figure in 2015./.