On December 1, 2023, Prime Minister Pham Minh Chinh attended the opening ceremony of the 28th World Climate Action conference in Dubai (COP28), United Arab Emirates (UAE). This conference holds significance with the participation of numerous countries, where leaders engage in discussions and set priority goals, particularly in reducing greenhouse gas emissions and transitioning to renewable energy.
Leaders at COP28 have agreed on several important goals, such as substantial reductions in greenhouse gas emissions, achieving "net-zero" emissions by mid-century, and establishing feasible standards and measures for greenhouse gas emission reductions. They also continue discussions on phasing out fossil fuels to achieve the global temperature goal of staying below 1.5 degrees Celsius by the end of the century.
Regarding carbon trading mechanisms and offsetting, COP28 will further refine regulations and detailed guidelines for implementation, including standards and procedures for transitioning carbon credits formed under clean development mechanisms to sustainable development mechanisms, as stipulated in the Paris Agreement.
In his address at the conference, Prime Minister Pham Minh Chinh expressed concerns about the increasingly severe impacts of climate change and emphasized the gap between climate commitments and actions. He highlighted Vietnam's actions since COP26, including climate change plans, green growth initiatives, and policies aimed at reducing emissions.
Vietnam has developed the Power Plan 8, increasing the share of renewable energy and developing the renewable energy industry and ecosystem. The country is also fulfilling its Nationally Determined Contributions (NDC) commitments and implementing plans to develop one million hectares of high-quality rice, while addressing challenges in the energy transition.
Prime Minister Pham Minh Chinh underscored Vietnam's commitment to global and national responsibilities by implementing a series of solutions organized into three main groups.
Firstly, focusing on planning and implementation, Vietnam has issued and implemented the Climate Change Response Strategy, Green Growth Strategy, and the Power Plan VIII. Simultaneously, the country has developed the renewable energy industry and established a renewable energy ecosystem.
Secondly, Vietnam is implementing its Nationally Determined Contributions (NDC) by establishing a Secretariat and announcing plans for implementation and resource mobilization for the Joint External Evaluation of Technical and Financial Proposals (JETP). Additionally, the country has issued and implemented a plan to develop one million hectares of high-quality rice with the aim of reducing emissions.
Thirdly, in terms of institutional development, Vietnam has enacted the Petroleum Law, improved the Land Law, and the Electricity Law to support the creation of a renewable energy development environment. At the same time, the country is developing and refining decrees for direct power trading, addressing renewable energy projects, and tackling lingering issues affecting communities and businesses during the energy transition.
Prime Minister Pham Minh Chinh has called for increased international solidarity and more determined action to ensure global prosperity, environmental protection, and happiness and peace for people worldwide. He emphasized that developed countries must provide more support to developing nations.
High-level leaders from various countries and international organizations have praised this statement and committed to supporting and collaborating with Vietnam in achieving climate and sustainable development goals.
In addition to expressing concerns about climate activities in line with commitments, the Vietnamese delegation at COP28 has received positive news. According to Mark George, climate advisor at the British Embassy in Hanoi, the plan to provide $15.5 billion in financial support for Vietnam was completed on November 23 after months of coordination with key Vietnamese ministries and was announced at COP28. Countries have agreed to provide $15.5 billion to Vietnam to end dependence on coal and swiftly transition to renewable energy (clean energy). This plan is part of the Just Energy Transition Partnership (JETP).
Furthermore, Vietnam has attracted the interest of major funds from the UAE, looking to invest in infrastructure, seaports, digital transformation, and clean energy. The meeting between Prime Minister Pham Minh Chinh and the UAE Minister has created new opportunities for economic, commercial, and investment cooperation, especially in renewable energy and infrastructure.
Minister Thani bin Ahmed Al Zeyoudi thanked the positive contributions of the Vietnamese delegation to the success of COP28 in the UAE. He also mentioned that due to the resolute and precise guidance of the leaders of both countries, negotiations for the Comprehensive Economic Partnership Agreement between Vietnam and the UAE (CEPA) have made significant breakthroughs, completing the majority of content and can be signed in 2024.
Finally, Prime Minister Pham Minh Chinh and Mr. Thani bin Ahmed Al Zeyoudi witnessed the exchange of memoranda of understanding for cooperation between the Abu Dhabi Port and the Vietnam Maritime Administration, as well as between the digital technology group Sirius IHC and the National Digital Transformation Center.
In general, the positive contributions of the Vietnamese delegation have been highly appreciated in the success of the COP28 Summit, bringing potential opportunities in climate activities.