Vietnam’s Significant Contributions at COP 28

Each nation bears the responsibility for effectively managing and utilizing its maximal internal strengths. These strengths serve as fundamental, strategic, long-term, and decisive factors. Simultaneously, the strength of international solidarity and the promotion of multilateralism are important factors. The focus should be on people and global common interests, ensuring no country or individual is left behind. Resource mobilization must be diversified, combining public and private, domestic and foreign, bilateral and multilateral, and other legal resources, with a particular emphasis on private resources. Prime Minister Pham Minh Chinh emphasized these points in his speech at the 2023 United Nations Climate Change Conference (COP 28).

Delegates to the COP 28 pose for a group photo in Dubai

The conference, held in the United Arab Emirates (UAE), was themed “International Solidarity, Joint Efforts for the Prosperous Development of Humankind”. COP 28 occurred at a time when climate change was having an extremely serious global impact. The climate system is nearing a critical threshold, and there are significant gaps between the commitments made by countries and their actual actions. Vietnam, being one of the countries most vulnerable to climate change, underscored the importance of this conference. Consequently, COP 28 became the largest COP Conference in history, with nearly 140 heads of state, heads of government, and approximately 90,000 delegates in attendance.

Ensuring equity and justice in addressing climate change

Prime Minister Chinh highlighted that the global climate system is nearing a critical threshold. In what has been the hottest year in recorded history, ice is melting at an unprecedented rate. The consequences of climate change, including rising sea levels, droughts, flooding, land subsidence, landslides, and forest fires, are becoming increasingly severe. Numerous territories and communities are at risk of flooding and submersion. Food security and energy security are under threat, and there is a risk of regression in developmental achievements. Additionally, the issues of an aging population and resource depletion are exacerbating global difficulties and challenges.

He further stated that the impacts of climate change and epidemics have underscored the borderless nature of these challenges. These are issues with global implications and concern all people. It is imperative to foster a new, active, positive, practical, and effective awareness, thinking, methodology, and approach, and to unify global action.

He emphasized the need for developed countries to increase their support for developing and underdeveloped countries. This includes providing concessional funds, transferring advanced technology, training high-quality human resources, promoting smart governance, and establishing modern market institutions that are appropriate and effective for each country. This support should be provided without necessitating a sacrifice of economic growth during the transition process. Conversely, developing and underdeveloped countries must strive to enhance their capacity, self-reliance, and resilience, moving forward with the confidence that they are the best advocates for their own progress.

In the fight against climate change, it is crucial to ensure equity and justice. This includes balancing the transition to clean energy with global energy security, and aligning development needs with the green transition. This implies guaranteeing national energy security and autonomy, and providing access to clean energy at a cost that is appropriate and effective for all businesses, individuals, and countries.

Prime Minister Chinh noted that since COP 26 in Glasgow, the world has undergone significant changes, with challenges and difficulties outweighing opportunities and advantages. However, recognizing its responsibility toward the world and its people, Vietnam has implemented 12 major comprehensive measures across three categories. These measures aim to reduce greenhouse gas emissions while ensuring autonomy, energy security, and benefits for people, as well as meeting economic development goals.

“Time waits for no one. The difficulties and challenges we face are increasing, becoming more complex and unpredictable. Therefore, if we are already united, we must strive for greater unity. If we are already making efforts, we must redouble those efforts. If we are already taking action, we must intensify those actions for the prosperity of all humanity, for the preservation of our planet, and for the prosperity and happiness of all people in the world,” he urged the international community at COP 28.

UN Secretary-General Antonio Guterres (left) and UAE President Mohammed bin Zayed Al Nahyan (right) extend a warm welcome to Vietnamese Prime Minister Pham Minh Chinh

Resource mobilization for the implementation of Vietnam's Just Energy Transition Partnership (JETP)

A pivotal moment during COP 28 was the Prime Minister's unveiling of a comprehensive resource mobilization plan aimed at executing Vietnam's ambitious Just Energy Transition Partnership (JETP). This announcement garnered significant international attention and garnered support commitments from various nations, international organizations, and major corporations.

In acknowledging the role of coal power while emphasizing the need for a shift toward cleaner energy sources, Prime Minister Pham Minh Chinh articulated that energy transition stands as an objective imperative, a strategic benefit, and a foremost priority for all countries. He stressed the necessity of aligning this transition with economic development goals, national energy security, and the welfare of the populace, with a concerted effort to avoid adverse impacts on workers.

The Prime Minister emphasized that a just energy transition is instrumental in realizing Vietnam's national energy development strategy, particularly in achieving the ambitious target of net zero emissions by 2050 and other sustainability objectives. The collaborative commitment of international partners assumes a pivotal role in attaining these goals.

The resource mobilization plan for JETP outlines a collective commitment by partners to mobilize an impressive sum of US$15.5 billion over the next 3-5 years. This funding is earmarked for addressing urgent and catalytic needs associated with Vietnam's just energy transition. The Prime Minister urged relevant stakeholders to swiftly reach agreements to translate this pledged amount into specific, groundbreaking projects.

Additionally, the World Bank (WB) expressed its intention to provide a substantial loan of US$5-7 billion to Vietnam over the next three years. This funding is earmarked for potential new generation projects, including the Vietnam Renewable Energy Accelerating Change (REACH), a high-impact, low-emission rice farming project covering one million hectares, the Hanoi-Hoa Lac high-speed railway project, and climate-resilient infrastructure investments in the Mekong Delta.

The active participation and contributions of the Vietnamese high-level delegation underscored Vietnam's sense of responsibility and commitment in addressing one of the most pressing global challenges - climate change. During the Conference, Vietnam engaged in several new multilateral cooperation initiatives, opening up opportunities for collaboration on energy transition and green growth.

On the sidelines of COP 28, the Vietnamese delegation conducted a series of comprehensive and effective activities. Prime Minister Pham Minh Chinh engaged with approximately 20 leaders and representatives of countries and international organizations, fostering multifaceted cooperation, addressing Vietnam's concerns and interests, and actively resolving existing difficulties.

By Quynh Anh, Vietnam Business Forum