City of HCM (VNA) – Climate change has become one of the great challenges facing humanity, affecting all aspects of economy, politics, diplomacy as well as global security, Nguyen Tuan Quang, Deputy Director of the Department of Climate Change from the Ministry of Natural Resources and Environment (MONRE), said.
He made the statement during a seminar on “accelerating corporate engagement on the road to Vietnam’s Nationally Determined Contributions and Net Zero Emissions” held in Ho Chi Minh City on June 30 by the Japan International Cooperation Agency (JICA) in cooperation with the Department of Climate Change and the Vietnam Chamber of Commerce and Industry (VCCI).
It aimed to share information and experiences in reducing greenhouse gas emissions between public bodies and the private sector while disseminating policies related to climate change and reducing emissions.
The Vietnamese government’s 2022 climate assessment report pointed to socio-economic development activities as the main cause of excessive greenhouse gas emissions. Thus, he said, the engagement of companies is extremely important, not only because they are directly involved in these activities, but also because they can make an important contribution in terms of financial and technological resources.
Nguyen Tien Huy, director of the Office of Sustainable Business Development at VCCI, said Vietnam is one of the most vulnerable countries to climate change and will suffer huge ecological, economic and social losses if the average temperature rises by 2 degrees Celsius.
According to the Ministry of Planning and Investment, the private sector accounts for 70% of the $21 billion in investments needed to adapt to climate change in Vietnam.
There is a need for Vietnamese companies to take stronger measures to accelerate the process of reducing emissions, such as supplying and commissioning sustainable and carbon-free energy sources at a more affordable price; optimize the use of resources to meet the needs of society and put in place financial mechanisms to improve the transparency and efficiency of corporate reporting, he said.
To facilitate the engagement of the private sector in Nationally Determined Contributions (NDCs), MONRE collaborated with JICA in the implementation of the project “Support for the Planning and Implementation of Nationally Determined Contributions in Vietnam (SPI-NDC”), Huy said.
The project will help promote private sector participation by improving technical capabilities of companies subject to facility GHG reporting systems being developed with support from Japanese experts.
Murooka Naomichi, senior representative of JICA Vietnam, affirmed that through the SPI-NDC project, JICA will continue to provide opportunities for capacity building and dialogue among key players to consolidate the partnership./.