Chairman of the municipal People’s Committee Phan Van Mai told an investment conference for HCM City’s green growth on January 24 that the southern largest economic hub has been identified as one of the world's 10 cities heavily affected by climate change.

He cited the latest research results published by the Institute of Environment and Natural Resources under the Vietnam National University - HCM City showing that on average, the total greenhouse gas emissions in the city exceed 60 million tonnes of CO2 each year.

Against the backdrop, HCM City has opted for green growth as its future development strategy, considering it the top priority to achieve economic prosperity, environmental sustainability and social equality, the official noted, adding that it has set the target of cutting gas emissions by 10% by 2030.

Addressing the conference, jointly held by the municipal People's Committee and the World Bank (WB), Carolyn Turk, WB Country Director for Vietnam, suggested HCM City put forth a suitable strategy to achieve the target.

She stressed that the city is facing risks from climate change and chronic flooding, adding average annual economic losses due to flooding is about US$250 million, which is projected to escalate every year.

HCM City should offer incentives to encourage the private sector to engage in the green transition, she said, pledging that the WB will support the city in the implementation of the emission reduction strategy and the access to financial sources.

On this occasion, the municipal People's Committee unveiled 28 projects that are calling for investment, covering high-tech, financial and commercial centre building, transport infrastructure, and waste water treatment, among others.

Source: VOV