Daily Times

Vietnam will need 368 billion U.S. dollars, or 6.8 percent of GDP per year, through 2040 to tackle climate change, the Vietnam News newspaper reported on Thursday.

Vietnam’s latest power development plan estimated that the country would need 134.7 billion U.S. dollars to shift away from coal-fired power toward renewable energy, developing new power plants and power grids, between 2021 and 2030, the report said.

Working toward the dual targets of becoming a high-income country and achieving carbon emission neutrality in the next 30 years will require Vietnam to raise large funding, according to the International Finance Corporation.

The operation of the carbon trade exchange is expected to create a framework for Vietnam to monetize reduced emissions while working toward carbon neutrality by 2050.

According to a recent report by the Ministry of Natural Resources and Environment, total emissions will reach 928 million tons of carbon dioxide equivalent by 2030 and 1.5 billion tons by 2050 in a moderate scenario.