Advancing Sustainable Development and Net Zero Goals with Nature-Based Solutions

Investing in the production and trading of environmentally friendly products offers outstanding economic advantages while enhancing brand value and demonstrating social responsibility. This constitutes a smart business strategy, aimed at generating long-term value and advancing a sustainable future for businesses.

Mr. Nguyen Quang Vinh, Vice President of VCCI and Chairman of VBCSD, delivers a keynote address at the 2024 training program for media agencies on sustainable development

Mr. Nguyen Quang Vinh, Vice President of  Vietnam Chamber of Commerce and Industry (VCCI), Chairman of Vietnam Business Council for Sustainable Development (VBCSD), said that nature-based solutions (NbS) refer to approaches that harness ecosystems and natural processes to tackle social, economic, and environmental challenges. NbS aim to protect and restore natural environments while delivering economic and social benefits to communities.

According to World Bank (WB), this group of solutions is projected to account for 37% of the reduction in greenhouse gas emissions by 2030 under the Paris Agreement. In addition to mitigating emissions, these solutions offer further benefits such as enhancing the resilience of ecosystems and aiding recovery from natural disasters.

At the 26th Conference of the Parties to the United Nations Framework Convention on Climate Change (COP26), Prime Minister Pham Minh Chinh highlighted that "All actions to respond to climate change must be based on nature, with people at the center and as the focus of sustainable development." This principle remains a guiding framework for all levels of government, the business community, and the public, affirming Vietnam's responsibility toward climate change mitigation and environmental restoration.

“From this perspective, NbS are expected to become a major priority for governments and business communities globally, including in Vietnam, in the near future. Therefore, as part of the training program, we are introducing this highly relevant topic to media agencies. This aims to provide journalists and reporters with up-to-date information on NbS, thereby enhancing their ability to cover and communicate these critical developments more effectively,” Vinh emphasized.

Participants at the event

Dr. Nguyen Sy Linh, Director of Department of Climate Change and Global Issues,  Institute of Strategy and Policy on Natural Resources and Environment under Ministry of Natural Resources and Environment, said that nature-based sustainable development is becoming a common global trend. Accordingly, businesses need to recognize and grasp natural advantages for their production and business while ensuring that their business does not affect nature.

“In fact, many businesses, depending on their scale and nature of operations, have built appropriate sustainable production and business models, thus achieving many very positive results,” he added.

Regarding benefits, Mr. Pham Hoang Hai, Director of Partnership Relations, VBCSD Secretariat, said that NbS offer several key benefits to companies. They enhance a company’s reputation, brand value, and social responsibility, helping to meet international standards while increasing accountability and transparency. They also create integrated environmental, economic, and social values for stakeholders, ensuring fairness, inclusion, and integration within local communities and companies. They strengthen risk management and improve financial performance by fostering resilience and sustainability.

Stating that nature-based business helps companies develop more effectively and brings more benefits to stakeholders, Ms. Dao Thuy Ha, Deputy General Director of Traphaco Joint Stock Company, said that Traphaco has pursued sustainable development for 15 years. The company has developed the GreenPlan sustainable medicinal herb development project, with many medicinal herb growing areas certified with the GACP-WHO standards. The company’s medicinal herb growing areas are built with four stakeholders (farmers, businesses, scientists and authorities) and applied with advanced cultivation techniques to ensure high quality. The company also supports people in planting, tending and harvesting products in these areas according to strict processes, thereby improving incomes and livelihoods of farmers.

“To date, Traphaco has established eight certified medicinal herb cultivation areas. Their commitment to sustainable development has enabled the company to produce high-quality traditional medicine products that are trusted and preferred by consumers. Additionally, this focus on sustainability has led to enhanced business performance,” she added.

Indeed, NbS will bring great opportunities to businesses, said Ms. Pham Thi Cam Nhung, Climate-Energy Program Coordinator at the World-Wide Fund for Nature (WWF) in Vietnam, proposed various recommendations to facilitate businesses to boost NbS business development. For example, the Government has mechanisms, policies, and incentives for companies to make investment and do business according to the NbS model; promoted the development of the carbon market; strengthened consulting programs and business support programs to integrate NbS into business models for each industry.

Traphaco JSC’s sustainable development relies on a green value chain with GACP-standard inputs

By Huong Giang, Vietnam Business Forum