The Ho Chi Minh City Economic Forum (HEF) 2023 with the theme “Green Growth: Journey towards Reducing Net Emissions to Zero” took place in HCMC on Friday with the support from the World Economic Forum (WEF) as Vietnam’s largest city seeks to ensure sustainable development.

Addressing the event, Deputy Prime Minister Le Minh Khai highllighted HCMC’s role in Vietnam’s economy, contributing about one fifth of GDP and more than one fourth of national budget revenue. However, HCMC is the largest producer of greenhouse gas emissions, with 57.6 million tons a year, or 23.3% in Vietnam. In the city, environmental protection has made a lot of progress, but there are still many problems and areas that require urgent attention.

Jeremy Jurgens, CEO and director of the Center for the Fourth Industrial Revolution of the World Economic Forum (WEF), said at the event that the world today is facing numerous challenges. In addition to conflicts and natural disasters appearing more and more, along with breakthrough achievements and technologies, traditional ways of operating and doing business have been changed. However, technologies and achievements need to be applied responsibly to create sustainable development.

He underlined the role of cities, referring to them as “emissions hubs,” with cities housing more than half of the world’s population and responsible for 70% of emissions. These figures will rise in the future. As a result, a remedy to mitigate their detrimental effects is required.

Jurgens outlined a number of initiatives that the WEF is applying to its network, including net-zero carbon city initiatives, where governments and businesses cooperate towards a greener future. The WEF has also launched an initiative on precision agriculture, helping farmers continue to farm sustainably and contributing to greening the economy, with impressive data on reduced emissions and saving clean water by 5-10% while increasing productivity by 10%.

In addition, advanced manufacturing initiatives are being applied. This is important because industry is responsible for 30% of CO2 emissions.

“Our network will help countries learn from each other to apply transformational technology responsibly to face economic challenges,” said the WEF representative. He stated that the WEF is willing to extend the network and, together, take a decisive step forward on the greening journey.

Deputy Minister of Natural Resources and Environment Le Cong Thanh said that HCMC needs to focus on a number of specific topics to effectively implement the goal of reducing net emissions to zero. On the business side, it is necessary to participate in pioneering energy transitions, while taking advantage of emerging capital sources and green financial flows.

For the city, it is necessary to harmoniously balance economic development with environmental protection and a response to climate change. Urban development is associated with the development of technical infrastructure for environmental protection. In addition, it is necessary to raise awareness among people about a sustainable lifestyle in harmony with nature, Thanh noted.

Author: The Investor Vafine Magazine