Deputy PM leads Vietnam’s green growth steering committee

Deputy Prime Minister Le Van Thanh will head Vietnam’s green growth steering committee as per a prime ministerial decision issued Monday.

The body is tasked with helping the government and Prime Minister in handling issues related to green growth, making recommendations in implementing national targets in the 2021-2030 period, and coordinating the relevant activities of ministries and government bodies.

Minister of Planning and Investment Nguyen Chi Dung is the vice head of the committee. The Ministry of Planning and Investment (MPI) is the standing body of the panel.

Vietnam aims to achieve net-zero emissions by 2050. Caitlin Wiesen, UNDP resident representative in Vietnam, said Vietnam needs about $330-370 billion to achieve the goal committed by Prime Minister Pham Minh Chinh at COP26.

The country should develop new financial programs to attract and create green financial sources like carbon markets and green bonds, she added.

According to the UNDP, to achieve net zero emissions by 2050, Vietnam needs to build a law on climate, giving rise to breakthrough innovations. Second, it should quickly approve the Power Development Plan (PDP) VIII to attract green investment.

Greater ambition in renewable energy and less dependence on coal-fired power will be a promising start. Adequate marine space planning is also important to unlock the huge potential of marine renewable energy in a sustainable way, the UNDP noted.

In its latest report on PDP VIII submitted to the government in early August, the Ministry of Industry and Trade said the PDP VIII for the period 2021-2030, with a vision to 2045, should see coal-fired power be reduced to 37,467 MW, or 25-31% of total capacity by 2030, and about 10% by 2045.