Hanoi (VNA) – Vietnam will need about 400 billion💃 USD from now to 2040 to effectively respond to climate change, according to the Climate Change Department under the Ministry of Natural Resources and Environment (MoNRE).

The department has just issued a report evaluating the implementation of Resolution No. 24-NQ/TW of the 11th Party Central Committee on proactively responding to climate change. In its report, the department said that the financial need to implement climate change response goals in Vietnam is huge. However, the estimated funding for this work from the State budget can meet only 130 billion USD. At present, climate change has become an irreversible trend. Therefore, adapting to climate change and achieving the net zero emissions target is an opportunity for sustainable development. For effective response, the department said that the work should receive the highest priority in development policies. The country needs to increase investment in infrastructure adaptive to climate change and natural disasters, improve forecasting and responding capacity to climate change-induced weather phenomena, especially in vulnerable regions such as the Mekong Delta. The engagement of businesses plays an important role in the country's climate change response efforts, especially in projects in green transformation investment, low-carbon technology development, and efficient use of energy and resources, the department said. In addition to domestic resources, Vietnam will need to strengthen international cooperation and mobilise resources from bilateral and multilateral ties for climate change adaptation and reducing greenhouse gas (GHG) emissions, the department added. The MoNRE recently issued a plan on solutions to realise Vietnam’s commitment to cutting emissions to net zero by 2050 announced at the 26th UN Climate Change Conference (COP26) in the UK in 2021. The ministry will make amendments to legal documents, including contents concerning Vietnam’s commitments at COP26; reviewing and perfecting mechanisms, policies, and laws related to the implementation of commitments and international treaties in response to climate change. It will also take responsibility for integrating climate change response into strategies and plans; reviewing and updating development strategies and master plans in line with the goals that Vietnam committed at COP26. Units under the ministry will focus on developing regulations guiding the implementation of the mechanism for exchanging and offsetting carbon credits; and those on auction, transfer and exchange of GHG emission quotas. Regarding solutions to reduce greenhouse gas emissions, the ministry will carry out an assessment of mineral reserves serving the production of energy batteries; survey and assess the potential of offshore wind and solar radiation for renewable energy development; and test technology of coal gasification, among others. Attention will be also paid to researching and piloting solutions to store carbon from major emission sources for a number of potential fields and studying solid waste disposal solutions for generating biomass power. The Ministry of Natural Resources and Environment will also review and update the national plan on climate change adaptation in 2021-2030, with a vision to 2050; and sketch out tasks for implementing the initiative “UN Decade on Ecosystem Restoration”./.