Vietnam promotes public-private cooperation in implementing climate commitments

Effective government-private sector partnerships in responding to climate change are helping to reduce the country's carbon footprint.

On November 11, WWF-Vietnam coordinated with the Ministry of Agriculture and Environment , IKEA Group, and H&M Group to co-organize a side event of the COP30 Conference with the theme "Promoting public-private partnership in implementing climate commitments in Vietnam". The event opened up more opportunities for cooperation to support Vietnam in reducing greenhouse gas (GHG) emissions and enhancing its ability to adapt to climate change.

Since updating its 2022 Nationally Determined Contribution (NDC), Vietnam has made significant strides in shaping domestic policies and ensuring implementation efforts are consistent with its commitments to the international community.

Mr. Le Ngoc Tuan, Deputy Director of the Department of Climate Change, Ministry of Agriculture and Environment, spoke at the event. Photo: Chu Huong.

According to Mr. Le Ngoc Tuan, Deputy Director of the Department of Climate Change, Ministry of Agriculture and Environment: In recent years, the Government has recognized the proactive role of many domestic and international enterprises in Vietnam in building sustainable development strategies in line with the country's sustainable development goals, towards carbon neutrality. Many enterprises have been pioneering in investing in new technologies, optimizing resources and transforming the value chain in a greener, more circular direction.

“On the journey towards a low-carbon, climate-resilient future, the Government cannot be the only one making efforts. The participation of the private sector is extremely necessary, especially in the context of accelerating the energy transition and effectively responding to climate change in key industries,” Mr. Tuan emphasized.

In Vietnam, with many years of experience in the field of green finance in many different countries, HSBC and WWF-Vietnam have implemented many solutions to expand private capital flows into renewable energy and nature-based solutions. Through the project “Energy Transition towards the goal of keeping global temperature increase at 1.5 degrees Celsius”, HSBC and WWF-Vietnam have coordinated to pilot financial instruments to support innovation, accompanying domestic industries in the process of transitioning to low-carbon production models, while protecting Vietnam's key ecosystems. This approach not only contributes to enhancing resilience to climate change but also emphasizes the role of the financial sector in promoting the country's green transition.

On the other hand, multinational corporations such as IKEA and H&M are working with WWF to support the Vietnamese Government in promoting electrification solutions from renewable energy in the textile and wood processing industries.

Vietnamese representative shared about domestic climate change response practices, including public-private partnership efforts. Photo: Chu Huong.

“At IKEA, we are promoting electrification, renewable energy and energy efficiency across the entire value chain, from production and processing to transport and retail. Responding to climate change requires close cooperation between the Government and the private sector. Effectiveness comes from harmonised policies, long-term vision, and access to appropriate technologies and infrastructure. At COP30, IKEA is committed to sharing its achievements and learning from other businesses to join forces to accelerate the energy transition,” said Sriram Rajagopal, Head of Climate and Air Quality, Inter IKEA Group.

“H&M believes that electrification is the only way to achieve our long-term international climate goals. By combining this solution with the use of electricity from renewable energy, we want to be a living witness of the application of electrification from renewable energy, and at the same time be able to replicate this solution across the entire textile industry,” said David Dahl, Head of Climate and Nature Conservation, H&M Group.

Building strong public-private partnerships is a prerequisite for mobilizing resources and promoting innovation to effectively respond to climate change challenges. In this relationship, WWF-Vietnam plays a role in linking national climate targets with science-based development goals of businesses, and designing collaborative initiatives that can help meet the priorities of both sides. In the period 2026-2030, WWF-Vietnam aims to strengthen cooperation between the Government and the private sector to accelerate the energy transition, restore freshwater ecosystems, protect forest carbon sinks and scale up nature-based solutions.

Delegates shared climate change response goals and the role of public-private partnership. Photo: Chu Huong.

The event was held within the framework of the 30th Conference of the Parties to the United Nations Framework Convention on Climate Change (COP30). This is an annual conference where member countries of the Convention and relevant parties meet, discuss and promote the implementation of global climate goals. This year, COP30 was held in the city of Belém (Brazil) with the theme "The world joins hands to respond to climate change".

According to the Global Stocktake, current efforts by the international community are not enough to achieve the goal of keeping global temperature increase to 1.5°C. Therefore, countries need to quickly accelerate more effective solutions to implement international climate commitments. This shows the urgent need to mobilize and increase the participation of the private sector because this force holds many advantages in technology, investment capital and innovation in the process of transforming global supply chains.

Source: https://nongnghiepmoitruong.vn/viet-nam-thuc-day-hop-tac-cong-tu-trong-thuc-hien-cac-cam-ket-khi-hau-d783769.html