Chairman of the People’s Committee of HCM City Phan Văn Mãi speaks at the Investment Promotion Conference for Green Growth Development on January 24 in HCM City. Photo sggp.org.vn

HCM CITY – HCM City wants to promote innovative initiatives and multinational cooperation, calling for private investment to gradually transition to a greener and more sustainable economy, Chairman of the City People's Committee Phan Văn Mãi said.

At the Investment Promotion Conference for Green Growth Development organised by the City People's Committee in coordination with the World Bank (WB) in Việt Nam on January 24, Mãi said the city is identified as one of 10 cities in the world most heavily affected by climate change.

The latest research results published by the Institute of Environment and Natural Resources of the City National University show that, on average, total annual greenhouse gas emissions in the city are more than 60 million tonnes of CO2.

Of this amount, there are three main waste sources, including industrial activities with nearly 20 million tonnes of CO2, traffic contributing more than 13 million tonnes of CO2 and the rest are domestic and other activities.

The city set a target of reducing emissions by ten percent in 2030 under the action plan of dealing with climate change from now to 2030, which aims at building a convenient, safe and effective living and working environment for residents and enterprises.

At the same time, the city is also facing the negative effects of climate change, environmental pollution, resource shortages and economic crisis.

Through the conference, the city desires to promote innovative initiatives and cooperation with countries all over the world and calls for private investment to step by step transform the city into a green and sustainable economy.

World Bank Country Director for Việt Nam, Asia-Pacific Region, Carolyn Turk said that the target of a 10 percent CO2 emission reduction was an ambition but it could be obtained with appropriate strategies.

The World Bank is expected to support the city in implementing economic development strategies and emission reductions.

The city and World Bank (WB) established the HCM City - WB Joint Working Group (HWG) two years ago, which brought an investment package of US$650 million for a ten-year program along with an investment program to upgrade public assets, an integrated flood management program and so on.

In addition, the World Bank also committed to supporting the city to access financial sources and attract foreign resources to reduce carbon emissions.

According to Carolyn Turk, the carbon credits market would be a good resource. She hoped that the city can sell credits on the Voluntary Carbon Market.

In addition, the WB desires to help the city to gather carbon credits to create a volume large enough for international trading and cost reduction.

The investment conference for the city's green growth took place within the framework of green and sustainable growth development activities of the HCM City - World Bank Joint Working Group.

The event attracted hundreds of local and foreign delegates, international institutions, organisations, representatives of diplomatic agencies, consular agencies, domestic and foreign businesses and experts.

HCM City discharges more than 60 million tonnes of CO2 each year. VNA Photo

Calling for investment in green growth development projects

To achieve the green growth goal, the city's People's Committee has issued a list of 28 projects to call for investment at the conference.

Accordingly, the city calls for investment in three high-tech manufacturing projects in the field of electronics and semiconductor chips with a total investment of more than VNĐ4.1 trillion (US$172.5 million).

The city also calls for investment in the Data Center project with a total investment of more than VNĐ6.9 trillion.

Also in the field of high technology, the city calls for investment in research and development projects in the fields of electronics and other semiconductor circuits of about VNĐ213 billion and high-tech supporting industrial production projects with a total investment of VNĐ345 billion.

Ensuring smooth traffic is also one of the ways to reduce greenhouse gas emissions. Therefore, traffic infrastructure upgrading projects are key and include projects such as upgrading and expanding National Highway 13 from Bình Triệu Bridge to Vĩnh Bình Bridge for 5.9km with total investment capital of VNĐ13.85 trillion, renovating and upgrading National Highway 22 with a length of 91km and total estimated capital of VNĐ7.2 trillion, building new bridges such as Thủ Thiêm Bridge No.4 and Cần Giờ Bridge and investment in construction of HCM City - Mộc Bài Expressway costing more than VNĐ19.8 trillion.

The city also calls for investment in five projects in the fields of wastewater treatment, environmental improvement, and urban beautification. – VNS