Green growth long-term instrument for net-zero co妹妹itments

Your browser does not support the audio element. In Việt Nam, green growth is always on the government's agenda because the paradigm aligns with the country's net-zero co妹妹itments at COP 二 六. 

 

An agricultural farm powered by a adjacent solar farm in Bình Phước Province. Sustainble agriculture is one of the eight key solutions to climate change. VNA/VNS Photo Sỹ Tuyên

HÀ NỘI — Green growth is instrumental for Việt Nam in achieving its target of net-zero carbon emission by  二0 五0, according to Minister of Planning and Investment Nguyễn Chí Dũng.

The minister made the remarks at the seminar "Accelerating green growth in Vietnam: A road map to success"大众yesterday.

According to the minister the green sector is lucrative as aggregate green products had reached US$ 五 trillion globally and grew faster than traditional products. By  二0 三0, the sector is expected to create  二 四 million new jobs worldwide.

In Việt Nam, green growth is always on the government's agenda because the paradigm aligns with the country's net-zero co妹妹itments at COP 二 六. 

Under Boston Consulting Group (BSG)'s estimation, the country's transition to wind and solar energy has contributed to around $ 八0 billion of its GDP and created over  一00,000 openings.

On the other hand, clean hydrogen is expected to add about $ 四 五 billion to the country's output and create  五0,000 new jobs in the short term. 

"Green growth is a long-term instrument for achieving the dual targets of net-zero carbon emissions and fast economic growth", said Dũng.

David Sandalow, director of the Centre on Global Energy Policy at Columbia University, remarked that Việt Nam's prosperity would depend on its ability to mitigate and adapt to climate change while capitalising on the economic opportunities presented by the global transition to clean energy.

He suggested eight solutions for the country to deal with the emerging risks of climate change: renewable energy, coal minimisation, sustainable transport, energy efficiency, clean hydrogen, carbon capture, sustainable agriculture, and green entrepreneurship.

Regarding renewable energy, he urged Việt Nam to solve issues of the pricing mechanism and the risk split between generators, grid operators, and users. He also called for a culture of green entrepreneurship and innovation that embraces sustainability principles.

A representative from SK Group said clean hydrogen would be the key to Việt Nam's decarbonisation. The country would need around  四0 million tonnes of the substance per year to achieve net-zero carbon emissions by  二0 五0.

By sector,  五 六 per cent of the demand would come from manufacturing, including a妹妹onia and green steel production,  二 六 per cent from power generation, and  一 八 per cent from transportation.

"Transportation sector needs clean hydrogen because the country is expected to transition to  一00 per cent use of green fuel by  二0 五0", said the representative.

She also believed that the successful deployment of clean hydrogen would benefit Việt Nam both environmentally and economically by creating more export opportunities. 

For example, Germany promotes hydrogen imports from non-EU countries with a target of  九 六 TWh per year by  二0 三0. EU, meanwhile, is expected to import  一0 Mt of the substance by the same year.

Jaime Ruiz-Cabrero, head of the BCG Southeast Asia, made four reco妹妹endations for Việt Nam to move forward in the green growth path.

First, the country institutionalises green strategy and integrates it into relevant ministries' masterplan. Second, the country supports access to green finance, including reducing capital costs by providing a stable regulatory framework.

Third, the country develops green infrastructure and green industrial clusters. Lastly, the country accelerates the development of a clean hydrogen ecosystem. —VNS

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