COP30: Breakthrough opportunity for Viet Nam in clean energy and climate finance

UNDP Deputy Resident Representative in Viet Nam Francesca Nardini made the above statement in her recent interview with VGP.

Held from November 10-21, COP30 concluded in Belém, Brazil, with mixed outcomes. Parties reached agreement on a finance package to support poorer countries and forest protection, but failed to deliver a clear roadmap for phasing out fossil fuels.

Nardini emphasized that the core debate at COP30 was not about whether to transition away from fossil fuels, but how fast and who pays for it.

While the conference did not produce a legally binding global decision on a fossil fuel phase-out, the final Belém Package upheld the COP28 UAE commitment to "transitioning away from fossil fuels" and mandated continued work toward a clear roadmap—an outcome still seen as an important step forward.

Beyond formal decisions, the Brazilian Presidency launched the Belém Roadmaps on Forests & Climate and Transitioning Away from Fossil Fuels, aimed at sustaining momentum from the Global Stocktake. These initiatives reflect the "Global Mutirão" spirit—a collective effort built on shared action, technology and innovation.

According to Nardini, finance remains the "hinge" between climate ambition and development. Developing countries, including Viet Nam, have made clear they cannot simply switch off fossil fuels without stronger support in finance, technology and Just Transition measures.

COP30's decision to triple adaptation finance to approximately US$120 billion per year by 2035, within a broader trajectory of US$1.3 trillion in annual climate finance, is a meaningful but still insufficient step.

She emphasized a broader paradigm shift: new OECD–UNDP findings show that countries with stronger climate action grow more, not less. Enhanced NDCs could lead to a bigger global economy by 2040, and by 2100, global GDP could be up to 13 percent higher when avoided climate losses are included.

For rapidly growing, energy-intensive economies like Viet Nam, the question is no longer "climate versus growth", but which growth model the country chooses.

Nardini noted that COP30 provides Viet Nam with practical tools to balance rapid growth and ambitious decarbonization. The establishment of the Belém Action Mechanism (BAM) formalizes Just Transition support globally, bringing together governments, workers and development partners to align finance, technology transfer and capacity-building with national transition needs.

For Viet Nam, BAM can reinforce implementation of the Nationally Determined Contribution (NDC), National Power Development Plan for the 2021-2030 period, with a vision to 2050 (PDP8) and the Just Energy Transition Partnership (JETP) by supporting workers, skills development and local economic diversification, particularly in coal-dependent regions.

Technologies highlighted at COP30—such as advanced offshore wind, hybrid wind–solar systems, smart grids, energy storage and industrial efficiency solutions—are directly relevant to Viet Nam's efforts to ensure power system stability and accelerate the clean energy transition.

The country could also benefit from expanded technology partnerships in areas like the blue economy, resilient infrastructure and climate-smart agriculture.

From UNDP's perspective, four clusters in Viet Nam's NDC are best positioned to attract future climate finance after COP30, including adaptation, forests and nature-based solutions; the emerging blue economy and "blue NDC" components; energy transition and just transition; and carbon markets and low-carbon industry.

Viet Nam's strong institutions and proven delivery capacity further strengthen its readiness to absorb greater volumes of climate finance./.