Korea’s experience has some useful lessons for Bangladesh. Faced with mounting energy costs from the global fuel crisis of 2007-2008, slowdown of growth, and unhappiness of citizens due to the growing incidence of air and water pollution, in 2008 the Korean government adopted a comprehensive long-term national green growth strategy 2009-2050. The strategy was provided the force of law by enacting the Framework Act on Low Carbon Green Growth in January 2010 and initiating in 2009 a series of Green Deals through the 5-year green growth plans.
The results of implementation have been remarkably successful in terms of reduced carbon emission, lower dependence on imported fossil fuels, higher production and consumption of renewable energy, cleaner air and water, higher production and exports of green manufacturing products, recovery of economic growth, exports and employment, stable supply of water, reduction in flooding, green urban living spaces and much stronger adaptation to climate change.
Vietnam’s Ministry of Planning and Investment is collaborating with relevant ministries, sectors, and municipalities to develop a national green growth strategy for 2021-2030 and a vision for 2050. The draft strategy outlines goals for lowering GHG emissions, greening all economic sectors, strengthening resilience during the green transition process, and promoting sustainable consumption, among other things, as part of making Vietnam a carbon-neutral economy as early as possible. To ensure the dual tasks of achieving green and inclusive growth and building a Vietnamese society in which no one is left behind, science and technology, innovation, digital transformation, culture, education, healthcare, and equality in access to opportunities and benefits from growth achievements will all be promoted. The strategy takes into account new elements that drive green growth and assures alignment with the 2030 Sustainable Development Goals and the Paris Agreement on GHG emissions reductions.
The national strategy for green growth from 2011 to 2020, with a vision to 2050, has helped raise public awareness on the importance of green growth after 8 years of execution. Measures to reduce GHG emissions were widely implemented, leading to a reduction of 12.9 percent in emissions relative to the usual development scenario. Each year, energy consumption per unit of GDP fell by 1.8 percent, and 46.9 percent of enterprises aimed for cleaner output by 2020, compared to 28 percent 10 years ago. Outstanding loans for green growth, for example, amounted to approximately 238 trillion VND (10.36 billion USD) in 2018, rising by 235 percent from 2015.
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