The government has vowed to reduce the greenhouse gas emissions to zero by 2050. To reach that end, the business community has applied measures to develop a circular economy, which takes full advantages of used materials. The principle of the circular is making the most of natural resources and minimizing emissions to the environment.

VietNamNet would like to introduce the viewpoint of Nguyen Dinh Dap, PhD, from the Vietnam Academy of Social Sciences (VASS).

Net zero: from commitment to action

Vietnam’s commitment on reducing emissions to zero by 2050 at COP26 sent a strong signal to the international community, thus opening up opportunities for the country to take full advantage of the global financial resource movement for low-emission development, circular economic development, and adaption to climate change.

Right after COP26, the Prime Minister set up a national steering committee on implementing Vietnam’s commitments at COP26, where he is the head. Relevant ministries and agencies have built up many programs and action plans to fulfill the commitment.

To date, ministries have submitted the eighth national power development plan in 2021-2030 (Plan 8); the project on duties and solutions to deploy the results of COP26; national strategy on climate change adaptation by 2050; the action plan on green energy transition, carbon and methane emission reductions in the transport sector; national action plan on green growth in 2021-2030; and the action plan on reducing methane emissions by 2030.

Some ministries and branches have built their action plans to fulfill the COP26 commitments. They have signed cooperation agreements on implementing COP26 commitments with KOICA (Korea International Cooperation Agency), ROK Ministry of Environment, Indian Ministry Of Earth Sciences, IFC (International Finance Corporation), Citi Bank and BIDV. They have also exchanged views with HSBC and Standard Chartered about the cooperation content to deploy COP26 commitments. 

State-owned general corporations and economic groups have begun researching and utilizing the solutions to step by step reduce the use of fossil fuels. Private corporations have also taken prompt action together with the government. Some multinationals have stated that they are willing to work with government agencies to take action for the net-zero emission goal. 

As such, within a short time after COP26, Vietnam’s agencies and businesses have pledged to implement many programs to minimize emissions, which has been applauded by international organizations.

Circular economy helps reduce emissions

At COP26, countries made strong commitments on reducing greenhouse gas emissions so as to obtain net-zero emissions by 2050, which will curb the temperature increase on Earth by 1.5oC by the end of this century. Shifting from fossil fuels to renewables is a key task.

According to many international organizations, including the Ellen Macarthur Fund, energy transition and economical use of energy will only contribute 55 percent of the plan on reducing greenhouse gas emission, while the remaining 45 percent will rely on the circular economy.

The fund estimated that emissions from building materials may decrease by 38 percent by 2050 by removing waste in buildings and during the construction process, and sharing the use of buildings, as well as the re-use and recycling of building materials.

Similarly, the volume of emissions from food systems may decrease by half by 2050 thanks to measures in agricultural production.

Therefore, the application of principles to remove waste and pollution, circulate products, materials and regenerate natural resources within the circular economy model will help reduce greenhouse gas emissions in industry and agriculture. 

Particularly, the reduction and removal of waste and pollutants will help reduce greenhouse gas emissions in the entire value chain by rotating and seizing the energy contained in products and materials.

Circular economy can help reduce business overproduction and resource scarcity, create sources for investment, hasten technology innovation, reduce production costs, and increase supply chains.

The society will benefit from reduced costs in management, environmental protection and response to climate change, while new markets and job opportunities will be created, and people's health will improve.

However, the transition from a linear economic model to a circular economy will initially encounter certain difficulties, especially when Vietnam still lacks policies to promote the circular economy, and resources remain limited.

Nguyen Dinh Dap