Extra US$368bil needed to achieve net zero emissions


HANOI: As the energy industry has a crucial role in achieving net zero emissions by 2050, it requires a structural transition toward green growth. Therefore, Vietnam needs assistance from developed countries regarding both financial and technical issues.

To detail the national green growth strategy, the Prime Minister on July 22 approved the national action plan on green growth for 2021-2030 with four important goals.

The goals are to reduce greenhouse gas emissions per gross domestic product (GDP), to green economic sectors, to green lifestyles and promote sustainable consumption, and to green the transition on the principles of equality, inclusion, and resilience.

According to the World Bank’s calculation, to achieve net zero emissions, Vietnam needs an additional US$368bil (RM1.6 trillion) during 2022-2040, approximately 6.8% of GDP each year.

Of which, the building resilience process alone will account for about two-thirds of this amount because a significant amount of capital needs to be mobilised to protect assets and infrastructure as well as vulnerable populations. The decarbonisation roadmap could cost about US$64bil (RM286bil). — Viet Nam News/ANN

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