Long-term Greenhouse Gas Emission Mitigation Opportunities and Drivers in Viet Nam
Climate change is one of the most pressing global challenges today. The United Nations Secretary-General’s address to the General Assembly on 25 September 2018 urged all UN member states to approach their mitigation actions and commitments under the Paris Agreement with greater ambition and a sense of urgency. Climate action also presents a tremendous development opportunity, and if strategically managed, could add USD 26 trillion to the global economy and create 24 million new jobs worldwide by 2030.
Viet Nam is proactively implementing the Sustainable Development Goals and the Paris Climate Agreement and has committed to an 8% reduction in annual emissions with domestic means t by 2030 when compared to the business as usual scenario.
In this context, the UNDP discussion paper “Long-term Greenhouse Gas Emission Mitigation Opportunities and Drivers in Viet Nam: Meeting Paris Agreement Targets and Accelerating Progress towards the SDGs” shows that quality economic growth with ambitious and economically attractive climate change actions in Viet Nam is possible. The paper examines all major sources of greenhouse gas emission and opportunities for their reduction, with a special focus on the transition to high renewable energy penetration and energy efficiency that can improve Viet Nam’s energy independence and shift Viet Nam to a low carbon development pathway.
The paper suggests that even if Gross Domestic Product (GDP) growth might be lower in the first few years compared to the business as usual scenario, a path to becoming free from fossil fuels by 2050 will increase GDP growth and provide social, environmental, and health benefits.
The intention of this paper is to contribute to making the case that clean, green investment decisions made today will have significant long-term benefits both in terms of greenhouse gas reduction as well as in economic growth. Reaping these opportunities will help lay the foundations for a green robust economy in Viet Nam where no one is left behind.