Prime Minister proposes six solutions at second P4G Summit

Prime Minister Pham Minh Chinh has proposed six important solutions at the high-level discussion held on May 31 in the framework of the second Partnering for Green Growth and the Global Goals 2030 (P4G) Summit.

PM Pham Minh Chinh attends the high-level discussion  in the framework of the second Partnering for Green Growth and the Global Goals 2030 (P4G) Summit

The Vietnamese Government leader stressed that striking a balance between the urgent need for economic recovery and the demand for greener and more sustainable growth in the post-COVID era is both an objective and a pressing requirement for development of all nations.

He said the world is now witnessing the compounding effects at an unprecedented scale and scope arising from three major catastrophes, namely the COVID-19 pandemic, climate change and natural resources depletion, not to mention the ageing population in many countries. These challenges have left dire and multidimensional consequences, not only for today but also for future generations.

However, the pandemic, and those challenges and hardships have shown the world more clearly the importance of environmental protection and harmony between human and nature, and created a momentum to push global advancement and capability.

From that perspective, Chinh suggested that green recovery, green economy and circular economy must be vigorously pursued at the national, regional and global levels, under the general framework of the United Nations Sustainable Development Goals 2030 and the Paris Agreement on Climate Change.

Second, he noted that green transition requires a suitable roadmap and it is critical to take into account different conditions and capabilities of countries, adding that developed countries should continue to take the lead in realizing their emission reduction commitments.

The third point is that it is imperative to develop institutions to encourage the support and engagement of all stakeholders, particularly the business community and the people. It is indeed crucial to promote public-private partnership (PPP) projects for green growth and establish new value chains and sectors through “greening” industrial and agricultural production, and services.

Fourth, it is essential to enhance adaptability for the regions worst hit by climate change, including the Mekong Subregion and Vietnam’s Mekong Delta. The severe challenges in those regions call for the close and responsible cooperation from the international community, especially in the sustainable management and use of cross-border water resources. This will help ensure food and water resources security in the region and the world.

Fifth, preventing and curbing the COVID-19 pandemic successfully are most urgent for growth to bounce back. The efforts of each country are of paramount importance, but effective international cooperation is indispensable.

Such collaboration spans from empathy for the emotional and material loss of others, sharing of technology, financial and medical resources, especially vaccines, facilitation of international trade and investment, to cooperation in enabling transportation and movement of people and goods between countries, and avoiding disruption of global supply chain.

Sixth, the PM called for the spirit of unity, responsibility and mutual respect among countries in the common interest of humanities given the current situation. “We must sustain a favourable international environment and continue to promote peace, stability and cooperation for development. This will benefit our economic recovery and international cooperation,” he said.

The PM underlined that Vietnam is determined to pursue its “dual goal” despite numerous challenges. This means curbing the pandemic effectively while fostering fast and sustainable socio-economic recovery and development. He stressed that Vietnam is striving to ensure harmonious, rational and effective development, balance economic growth with cultural and social factors, environmental protection and climate adaptation.

Participants in the discussion shared the view that climate change and the COVID-19 pandemic are two urgent global challenges. Many stressed that green and sustainable recovery should be made the top priority of countries and the international community so as to create breakthroughs in implementing the Paris agreement on climate change and the 2030 Sustainable Development Goals.

The event concluded with the adoption of the Seoul Declaration highlighting strong political commitments of P4G leaders and partners to overcoming the climate crisis.  The document also sets out major orientations and solutions to green recovery.

The second Partnering for Green Growth and the Global Goals 2030 (P4G) Summit took place in the form of videoconference over two days, May 30 and 31. 

P4G was formed in 2017 as an initiative of Denmark. So far, it has 12 members and the engagement of more than 90 countries, international organisations as well as businesses across the globe.

P4G is a global platform pioneering green partnerships and providing market-based solutions in developing countries. It mobilises a global ecosystem consisted of countries, organisations, corporations and civil societies committed to make a progress in delivering the UN Sustainable Development Goals (SDGs) and the Paris Agreement.

P4G directly contributes to the development of national climate agendas, global campaigns, and coalitions with a focus on finding market-based solutions, mobilising the private sector and institutional finance to deliver sustainable economic growth.

As a steppingstone to COP26, the P4G Summit will provide a momentous opportunity for participating countries to raise their ambitions, share cutting-edge solutions and build ideas that can bring the net zero vision closer to realization.

Vietnam is one of the seven founding member of P4G./.

VNA