Towards sustainable development and Net Zero goals through nature-based solutions

At the training session for media agencies on sustainable development in 2024 with the theme "Towards sustainable development and Net Zero target through nature-based solutions (NbS)", Mr. Nguyen Quang Vinh, Vice President of the Vietnam Federation of Commerce and Industry (VCCI), Chairman of the Vietnam Business Council for Sustainable Development (VBCSD), commented that for businesses, financial capital is important, but there are two other equally important sources of capital that seem to be forgotten and not valued, which are social capital and natural capital. Meanwhile, sustainable development with natural solutions brings dual benefits to businesses in that it both solves natural challenges and brings sustainable economic benefits, enhancing the value and reputation of the business.

Accordingly, NbS is understood as using ecosystems and natural processes to address social, economic and environmental challenges. NbS protects and restores nature while bringing economic and social benefits to people. According to the World Bank (WB), this group of solutions is expected to contribute 37% of greenhouse gas emissions reductions by 2030 under the Paris Agreement, while also bringing additional benefits such as enhancing resilience and resilience of the environment and ecosystems to natural disasters.

At COP 26, Prime Minister Pham Minh Chinh also emphasized the viewpoint that “All actions to respond to climate change must be based on nature, with people at the center and the subject of sustainable development”. This continues to be the “compass”, the motto of action for all levels of government and people, affirming Vietnam’s responsibility in responding to climate change and restoring nature.

If at COP-27, for the first time, nature-based solutions (NbS) were mentioned in the overarching decision, at COP-28, this was a highlight that was highly appreciated and discussed by experts, organizations and businesses. COP28 also announced a new funding of up to 186.6 million USD for projects/initiatives on nature and climate, with a special focus on restoring forests, mangroves, land resources and oceans. At the same time, in the COP28 Joint Statement on scaling up finance and investment for climate and nature, investment funds were also required to be used through nature-based solutions, ecosystem-based approaches, thereby using resources and financial resources effectively, comprehensively and equitably. Through these commitments, leaders of countries and organizations at COP28 affirmed that NbS solutions “remain central, prioritized and funded”, and will be deployed and replicated more strongly.

According to experts, there are 5 steps to implement NbS for businesses, including: Assessing and determining business needs and available resources; Building strategies and plans to integrate into business strategies; Developing and implementing projects; Monitoring and evaluating implementation; Raising awareness - training.

From a business perspective, Ms. Le Thi Hong Nhi, Deputy General Director in charge of Communications, External Affairs and Sustainable Development of Unilever Vietnam, also said that in the current context, consumers increasingly demand brands to develop sustainably, along with that, governments of countries, including Vietnam, also make commitments on sustainable development. Accordingly, sustainable development is an urgent requirement for businesses. Therefore, in 2024, for the first time, Sunlight dishwashing liquid launched the exclusive Rhamno Clean technology containing corn sugar fermented by beneficial microorganisms with 99.7% biodegradability.

It can be said that NbS will bring great opportunities for businesses. However, to pursue this model, according to Ms. Pham Thi Cam Nhung - Climate - Energy Program Coordinator (World Wide Fund for Nature in Vietnam - WWF Vietnam), businesses also face many difficulties, especially financial issues.

To facilitate businesses to develop based on nature, Ms. Pham Cam Nhung made 4 recommendations, including: Establishing mechanisms, policies, and incentives for natural solutions; Exploiting the potential of the carbon market with mutual benefits between the environment, society and business profits; Integrating NbS into business models and proving economic efficiency. In particular, there should be preferential policies for businesses when investing in the NbS model.

Sharing about the sustainable development journey of Traphaco Joint Stock Company, Ms. Dao Thuy Ha, Deputy General Director of Traphaco, said that Traphaco has chosen sustainable development as the mission of the enterprise. 15 years ago, the enterprise developed the GreenPlan sustainable medicinal herb development project, with many medicinal herb growing/harvesting areas according to GACP-WHO standards. Traphaco's growing areas are built according to the 4-house model (household, business, scientist and state) and apply advanced cultivation techniques to ensure high quality. Traphaco supports people in planting, caring for and harvesting products in growing areas according to strict processes, thereby improving income and life for farmers. To date, Traphaco has created 8 medicinal herb growing areas that meet standards. Sustainable development has enabled the enterprise to create oriental medicinal products that meet standards, develop stably and sustainably, and are trusted by consumers.

Source: https://moit.gov.vn/phat-trien-ben-vung/huong-toi-phat-trien-ben-vung-va-muc-tieu-net-zero-thong-qua-cac-phai-dap-dua-vao-tu-nhien.html