Workshop seeks to create shared value for climate change adaptation

Song Foundation, a Vietnamese non-profit supporting sustainable living communities, on August 16 held a workshop seeking the way to create shared value for climate change adaptation, with climate change experts and business representatives taking part.

Dr Nguyen Ngoc Huy, a climate change expert, said Vietnam is among six countries globally hardest hit by climate change.

According to the Vietnam Country Climate and Development Report, in 2020 Vietnam suffered a loss of about US$10 billion, or 3.2% of the gross domestic product, due to climate impacts.

The Vietnam Chamber of Commerce and Industry also reported that 54% of businesses had their operations suspended due to natural disasters and 51% had labour productivity reduced.

Opinions at the event suggested that more investment should be poured into sectors with high economic efficiency and less environment impact while green economic models should replace traditional ones. Special attention must be paid to technological transformation, greenhouse gas inventory and digitalisation of parameters in transport and construction.

Authorities should work closely with enterprises to recover primeval forests, develop green tourism and renewable energy, they said.

According to experts, doing business in adaptation to climate change also enables Vietnamese firms to join carbon market, renew technology and develop renewable energy.

Annual statistics showed that Vietnam’s forest reserve is over 990 million cu.m. There are 23 localities nationwide with available carbon storage service. Vietnam could sell 57 million carbon credits each year to the world.