VietNamNet Bridge - Vietnam will need $21 billion to reduce greenhouse gas emissions from now to 2030. This amount of money is beyond domestic resources.

A report pointed out that the rapid increase in greenhouse gas emissions have made extreme weather conditions more serious in Vietnam. Natural calamities of different kinds have occurred more regularly and have brought more serious consequences in the last 10 years.

More importantly, scientists have warned that abnormal weather changes will threaten the nation’s food security and agricultural development because they lead to the shrinking of farm land and affect crop yield. 

The greenhouse gas emissions will lead to a decline in water sources and more serious drought in some areas, thus influencing the water supply in rural and urban areas, and water supply to hydropower plants.

The total greenhouse gas emissions in Vietnam by 2030 are forecast to increase by threefold compared with 2010 to 787 million tons of equivalent CO2, according to Nguyen Khac Hieu, deputy director of the Bureau of Meteorology and Climate Change.

Vietnam plans to commit to reduce 8 percent of emissions by 2030 compared with the normal development scenario.

However, Hieu said, Vietnam may increase the emission cut to up to 25 percent if it can receive support from the international community through bilateral and multilateral cooperation.

In this case, Vietnam would need $21.1 billion by 2030 to fulfill its commitments. Of this, $3.2 billion would come from domestic resources and the other $17.9 billion from international aid. 

As experts say on Dien Dan Doanh Nghiep, Vietnam can arrange only 30 percent of the amount of capital needed. In order to reduce the greenhouse gas emissions by 1.5-2 percent per annum, Vietnam will have to implement comprehensive measures.

MONRE’s Deputy Minister Tran Hong Ha, while affirming that reducing the greenhouse gas emissions is one of the most important tasks for Vietnam, said Vietnam would push up the development of the carbon market by accelerating green production and sustainable consumption. 

Vietnam also plans to add commitments on greenhouse gas emission to its policy on socio-economic development and climate change adaptation.

Regarding the emission reduction credits in Vietnam, by June 2015, Vietnam had 254 CDM (clean development mechanism) projects recognized by the CDM Executive Board.

Vietnam now ranks fourth in the world in the number of CDM projects with the potential reduction of 137.4 million tons of CO2. Of these 254 projects, energy projects account for 87.4 percent, waste treatment projects 10.2 percent, afforestation 0.4 percent and others 1.8 percent.

To date, Vietnam has received 13 million CER certificates (certified emission reduction), ranking 11th in the world. 

CV