Vietnam needs financial, technical assistance to achieve net zero target


Vietnam has reviewed its greenhouse gas emissions since 2010. However, the data on emission reduction has yet to be completely collected owing to the lack of requirements on reporting and evaluating results.

A representative from the Ministry of Natural Resources and Environment’s Department of Climate Change stated that emission reduction criteria in Vietnam will soon be measured, reported in accordance with international regulations and then published to be on track to reach net zero.

Vietnam has collected data of national gas emissions in 2000, 2010, 2013, 2014 and 2016 to produce national reports on climate change based on the standard of the United Nations Framework Convention on Climate Change (UNFCCC). Reports were sent to the Convention Secretariat.

According to the reports, Vietnam recorded 150.9 million tonnes of CO2eq in 2000, 264.2 million tonnes in 2010, 259 million tonnes in 2013, 278.7 million tonnes in 2014, and 316.7 million tonnes in 2016.

"Thanks to the fast growth of renewable energy and fuel swap of thermal power plants, the CO2 emissions of the power development plan revision after COP26 have decreased sharply," said Hoang Tien Dung, director of the Electricity and Renewable Energy Department under the Ministry of Industry and Trade (MoIT).

There are four important goals in Vietnam’s national action plan on green growth for 2021-2030, which includes reducing greenhouse gas emissions per GDP, greening economic sectors, greening lifestyles and promoting sustainable consumption, and greening the transition based on equality, inclusion and resilience.

It’s estimated that Vietnam’s carbon dioxide emissions will gradually decrease after reaching peak in 2031-2035 at 231 million tonnes. By 2045, emissions will reduce to about 175 million tonnes, meaning that about 208 million tonnes of reduction compared to pre-COP26 alternatives.

Nguyen Thi Bich Ngoc, deputy minister of the Ministry of Planning and Investment, said that resources are the biggest problem in achieving the energy transition and moving towards the net zero emissions target by 2050.

Data from the World Bank shows that Vietnam will need an additional US$368 billion, equivalent to around 6.8% of GDP year, between 2022 and 2040 to reach net zero emissions.

According to a Vietnamese newspaper, renewable energy investment and energy transition from coal in energy sector could cost Vietnam $64 billion between 2022 and 2040. It accounts for most of the cost of the decarbonization road map.

Therefore, to meet the climate target by 2050, Vietnam urgently needs financial and
technical aids from developed countries.

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