PM urges drastic action for net-zero emission in Asia

Delegates at second AZEC Leaders' Meeting (Photo: VNA)

Addressing the second Asia Zero-Emission Community (AZEC) Leaders’ Meeting, as part of the 44th and 45th ASEAN Summits and related meetings in Vientiane, Laos on October 11, PM Chinh said Vietnam has been actively adopting a range of comprehensive and synchronous measures, particularly through various national strategies, policies and projects on climate change, green growth, renewable energy, low-emission agriculture and transportation, carbon credit market, green business and procurement.

There is a priority on attracting green investment and finance for research and development in technology and green energy, ensuring a balance of interests among the State, businesses and the public, he said.

He expressed his support for the establishment of an ASEAN electricity market, which would connect power through undersea cables. and pave the way for an inter-governmental agreement on this matter.

The Vietnamese PM urged AZEC member countries to accelerate research, development, and transfer of new-generation technologies and energy solutions that can reduce greenhouse gas emissions across all economic sectors. He emphasised the need to establish sustainable supply chains for green fuels to ensure regional energy security and promote energy transition that is aligned with the specific circumstances, capacities, and development priorities of each country.

He proposed promoting new climate finance models, particularly through public-private partnerships, to facilitate greater access to concessional loans for developing countries. This could include the establishment of an AZEC fund for green projects, designed to offer favourable and accessible conditions for member countries.

Additionally, countries should enhance policy coordination through the Asia Zero Emission Centre and strengthen cooperation in quality human resources training and smart governance in the fields of energy and green technology, he said.

The meeting adopted the leaders' declaration of the AZEC, serving as a foundation for member countries to carry out their cooperation activities./.