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Vietnam ranks among the nations most vulnerable to climate change. The World Bank forecasts that climate change could reduce Vietnam's Gross Domestic Product (GDP) by 1.5% by 2050. Recognizing the severe impacts it may face, the government has identified climate change response as a key priority. At COP26, Vietnam committed to achieving net-zero emissions by 2050.
However, to realize the commitments made at COP26, the participation of the entire society is essential, with businesses playing a pivotal role. The "Go Green" journey is not just a trend but a mission to create long-term and sustainable value for businesses. Numerous companies are already striving for green transformation by adopting innovative and sustainable technologies, investing in new energy research and deployment, and applying efficient energy use measures while complying with environmental regulations.
Numerous companies are already striving for green transformation by adopting innovative and sustainable technologies, investing in new energy research and deployment, and applying efficient energy use measures while complying with environmental regulations.
The Foundation of ‘Going Green’
1. Sustainable Development
"Going Green" involves more than just reducing waste or using renewable energy; it's an opportunity for businesses to make a positive societal impact. Sustainable development benefits not only the businesses but also represents a collective commitment to community prosperity, creating employment opportunities, and protecting biodiversity.
2. Modern Technology
Integrating modern technology into the "Go Green" strategy optimizes production efficiency and minimizes environmental impact. Innovation in production processes and smart energy use are key to unlocking a sustainable future.
Exemplary Businesses
Hòa Phát Group, a steel industry leader, has adopted heat recovery from coke production and blast furnace gas for power generation. This approach saves energy, reduces environmental pollution, and cuts CO2 emissions. Moreover, Hòa Phát is implementing a rooftop solar program, optimizing production towards a circular, closed-loop process, reducing energy consumption, and developing a roadmap for green steel production aligned with the government's direction.
WinCommerce has implemented a series of Green solutions in its WinMart/WinMart+ supermarkets and mini-markets: replacing nylon with 100% biodegradable bags; reducing/replacing single-use plastics with eco-friendly materials; and promoting programs for customers who reuse bags.
Credit institutions are also showing significant interest in green credit responsibility, developing policies for preferential lending to customers with green production and business plans.
ACB, one of the largest private banks, has established three main pillars for greening the bank: financing green projects, supporting all energy-saving activities, and developing climate change mitigation projects. ACB is collaborating with key partners to design green financial products and services, planning to announce green loans in 2024.
These are just a few of the many inspiring stories in Vietnam's journey towards Net Zero, showcasing the intelligence and responsibility of businesses committed to a sustainable future for future generations.
Hundreds of thousands of other businesses, big and small, have also shown great interest in green transformation, meeting the growing demand for green, environmentally friendly products. However, not all businesses truly understand what constitutes sustainable development or have the capability to find appropriate sustainable solutions. They need pioneers to lead the way and share methods and experiences.
Achieving the Net Zero goal is not a task for a single enterprise, entity, or individual. It requires the collaboration of an entire value chain, from raw materials to production, logistics, and final consumption.
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