Code Red - Asia Pacific’s Time To Go Green

Vietnam in Net Zero race

Asia Pacific's Time

Climate change is a significant issue of our time and we are at a defining moment. Underscoring its importance is the presence of 197 country leaders at the recent 2021 United Nations Climate Change Conference weeks (COP26) to agree on how to step up global action to solve the climate crisis.

The 2020s will be pivotal in the transition to a Net Zero economy. Businesses cannot afford to wait. The time to act is now.

Duration: 00:01:26

Code red to go green

In 2020, decarbonisation rate in Asia Pacific was 0.9% (below the global average of 2.5%). To achieve the 1.5°C target and reach Net Zero, the region needs to urgently accelerate its decarbonisation.

This requires a net zero transformation.

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Vietnam: The first steps in converting pledges into action

Transitioning to carbon neutrality will require a rewiring of the entire economy.

From a country perspective, Vietnam has recently made a stronger commitment to tackle climate change in COP26. However, the reality is that a nation cannot meet its net-zero commitment without ambitious action and systemic change.

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Government and business must collaborate to drive decarbonisation at the necessary pace and scale

The race to Net Zero is both a responsibility and an opportunity for businesses. Businesses making early commitments will enjoy a first mover advantage, positioning themselves favourably with changing consumer attitudes, new technologies and new markets.

Business must partner with Government to drive fundamental change - COP26 has highlighted this.

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This is not a journey that governments can undertake alone. Businesses have a crucial role to play and it’s timely for Vietnam to adopt a partnership-led approach to reach our Net Zero goal.

Theng Bee Han - Chairman & ESG Committee Chairman, PwC Vietnam

Reimagining business for net zero 

Now is the golden opportunity for green growth. Businesses have a responsibility to accelerate transformation to net zero.

 

Change must start at the top

Leaders need to take transparent and vocal ownership of their organisation’s commitment to Net Zero.

A comprehensive ‘green’ transformation

Focus on high impact areas: Operating model, rebalancing supply chains, innovation and talent

Data and transparency are crucial

Demonstrate progress and performance against Net Zero targets requires a comprehensive approach.

Financing and delivering the shift to Net Zero 

Innovative and  sustainable partnerships between all stakeholders with public and private investment are essential.

 


Sources:
bp, World Bank, OECD, UNFCCC, PwC data and analytics

Notes:
GDP is measured on a purchasing power parity (PPP) basis.