Page 116 - Ebook HTKH 2024

Association in Vietnam (EuroCham) said that European businesses would share
experiences to develop a green economy for Vietnam. Since then Vietnam has attracted

plenty of sources of foreign direct investment (FDI) into the green economy, especially
the development of green industry, green energy. This report will focus on analyzing
some green economy development trends in some foreign countries around the world
and highlighting Vietnam's green growth strategies.
2. Literature review
2.1. Definition of green economy
Up to now, the green economy has been understood and given out by a wide range
of economists and researchers. Green economy was first mentioned by British
environmental economists in 1989 then was officially used at the United Nations
Summit on Sustainable Development in June 2012 in Rio.de Janeiro, Brazil. According

to UNEP (United Nations Environmental Program), a green economy is defined as an
economy that both brings about human happiness and social justice, however, this
significantly reduces environmental and social risks of ecological decrease. It can be
considered an economy with low carbon emissions, using natural resources efficiently
on the societal scale. The core meaning of economic growth ensures the goal of
protecting a clean and sustainable living environment. The connotations of a green

economy include low carbon emissions, resource efficiency, social inclusion, economic
growth and biodiversity protection.
2.2. Factors to achieve green economy
2.2.1. Low Carbon Emissions
The Intergovernmental Panel on Climate Change (IPCC) report on emissions
scenarios offers future CO2 scenarios ranging from 541 to 970 ppm (ppm stands for
parts per million. 1ppm = 0.0001 %) by 2100, increasing by 90-250% since 1750 (if
fossil fuel quantities are sufficient to reach this level) and continuing emissions after
2100 (if coal, heavy tar sands, or methane are exploited more). (BP Statistical Review

of World Energy, 2021, 2023)
In order to gain the green economy, cutting down carbon emissions is crucial for
mitigating climate change and its adverse effects. Carbon emissions primarily originate
from burning fossil fuels such as coal, oil, and natural gas, which release carbon dioxide
(CO2) into the atmosphere. A green economy aims to significantly reduce greenhouse
gas emissions. There are some ways to do this such as using renewable energy in which

transitioning to renewable energy sources such as solar, wind, hydro, and geothermal is
essential. These sources produce electricity without emitting CO2. Another way is
energy efficiency with improving energy efficiency in buildings, transportation, and
industry which reduces the amount of energy required, thereby lowering emissions. This
includes better insulation, energy-efficient appliances, and fuel-efficient vehicles.
Currently, carbon capture and storage (CCS) is in use. CCS technology captures CO2
emissions from power plants and industrial processes and stores them underground to

prevent them from entering the atmosphere.

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