Establish a new vision for green development and net zero emissions; promote the mobilization of green finance for climate in the form of public-private partnerships; developed countries need to double their finance to combat climate change...

This is the proposal of Prime Minister Pham Minh Chinh at the Climate Ambition Summit held on September 20 (New York time) at the United Nations headquarters.

Developed countries need to double finance to respond to climate change

Prime Minister Pham Minh Chinh said that climate change continues to be the biggest global challenge, directly impacting and causing heavy losses to economic development, social security and directly to the safety of people's lives and health.

The wrath of nature with incidents such as subsidence, landslides and severe droughts and floods is a warning, calling for us to be more urgent, to act more strongly and responsibly to minimize the increase in the Earth's temperature.

[caption id="attachment_435474" align="aligncenter" width="640"] Prime Minister Pham Minh Chinh at the United Nations Climate Ambition Summit. Photo: VPG[/caption]

The Prime Minister said that addressing climate change requires a global and all-people approach, with breakthrough, comprehensive, innovative and creative solutions, and called for more urgent, stronger and more responsible actions to minimize the increase in the Earth's temperature.

The Prime Minister proposed establishing a new vision, new thinking, new determination, and drastic actions for green development, zero net emissions; accelerating the process of fair and equitable green energy transition; in which people are the center, the subject and no one is left behind. The Prime Minister called on developed countries and international organizations to actively support developing countries and underdeveloped countries in green technology, green finance, green management and green human resource training; building a renewable energy industry and smart power transmission systems...

Prime Minister Pham Minh Chinh proposed building new-generation partnerships and promoting the mobilization of green finance for climate change in the form of public-private partnerships, with public investment leading private investment. He said that developed countries and international partners need to double their financing for adaptation activities by 2025 and put the Loss and Damage Fund into operation at COP28 as committed to support developing and least-developed countries to overcome the consequences of climate change.

Vietnam commits to more than 70% renewable electricity by 2050

According to Prime Minister Pham Minh Chinh, the global financial system needs to continue to innovate comprehensively to increase the ability to provide green finance, helping the world better respond to the major challenges of climate change. Although it is a developing country facing many difficulties, with the spirit of action for a green Earth, Vietnam is determined to fulfill its commitment to achieve zero net emissions by 2050.

[caption id="attachment_435486" align="aligncenter" width="768"] Vietnam commits to achieving a renewable energy ratio of more than 70% by 2050. Photo: vietnamtourism.gov.vn[/caption]

He said that Vietnam is one of 30 countries that have submitted their Nationally Determined Contributions (NDCs) and one of the first three developing countries to join the Just Energy Transition Partnership (JETP). With the support of the international community, Vietnam can strive to rapidly reduce greenhouse gas emissions by 43.5% by 2030 and achieve a renewable energy ratio of more than 70% by 2050.

Vietnam is working with international partners to develop a Resource Mobilization Plan to be announced at COP28; hoping to make this partnership model a model, contributing to promoting the trend of equitable energy transition globally.

Many initiatives to respond to climate change At the conference, UN Secretary-General Antonio Guterres proposed that countries continue to sign a climate solidarity treaty. Like the 2015 Paris Agreement, the content of this treaty will include a provision requiring major emitters to make further efforts to cut emissions and help poorer countries meet climate goals. In addition, the UN wants to create an acceleration programme, to push governments to “move forward faster” and help as many developed countries as possible reach net zero emissions by 2040, and as many developing countries as possible reach their targets by 2050. Mr Guterres also proposed establishing a global early warning system for everyone. He said that every person on Earth should be protected by an early warning system by 2027, according to a plan released last November. European Commission President Ursula von der Leyen said developed countries need to meet a long-overdue target of mobilizing $100 billion a year in climate finance for developing countries. She said the EU would send $27 billion, as it did last year. Nepali Prime Minister Pushpa Kamal Dahal, representing the world's least developed countries, called for a doubling of financial resources to adapt to a climate-changed world, as this year is on track to be the hottest on record. International Monetary Fund Managing Director Kristalina Georgieva also called for an end to fossil fuel subsidies, saying they rose to a record $7 trillion globally last year despite pledges by countries to phase them out by 2021. The UN Green Climate Fund has announced a goal of mobilizing at least $50 billion by 2030. The fund is expected to shift its focus from supporting one-off projects to transforming entire national systems.

Minh Thai