Your Excellency To Lam, General Secretary of the Communist Party of Viet Nam,
Your Excellency Pham Minh Chinh, Prime Minister of the Socialist Republic of Viet Nam,
Your Excellency Abiy Ahmed, Prime Minister of the Federal Democratic Republic of Ethiopia,
Your Excellency Hun Sen, Prime Minister of the Kingdom of Cambodia,
Excellencies,
Distinguished guests,
On behalf of the Secretary-General, António Guterres, I thank the Government of Viet Nam and the co-chairs H.E. Mr. Abiy Ahmed, Prime Minister of Ethiopia, and the Prime Minister of Denmark for organizing this year’s P4G Summit.
This year marks a crucial inflection point: the tenth anniversary of both the Sustainable Development Goals and the Paris Agreement.
A decade has passed, and much progress has been made.
But let’s state what we all know to be true: we are nowhere near where we need to be.
As I speak, there are 750 million people who do not have access to electricity.
2 billion people have no clean cooking solutions to cook their dinner tonight.
Children across the world are breathing air increasingly filled with fossil fuel emissions affecting their health.
Not only are we not where we need to be, butÌý intensifying climate shocks and geopolitical turmoil threaten to push back some of the progress and development wins of the past decade.
These statistics, and the picture I have painted is enough to make some give up. But as the late Archbishop Desmond Tutu said, ‘Hope is being able to see that there is light despite all of the darkness’.
Excellencies, three things give me hope today.
First, what I see in this room today – leaders, representatives of governments, businesses, investors, and civil society from around the world. By showing up, you are showing your commitment to building societies that are more sustainable, more resilient, more inclusive, and more prosperous. You are not giving up.
Second, the relentless human endeavor for genuine collaboration gives me hope. The Just Energy Transition Partnerships and the P4G’s public-private partnership are just two examples. ÌýBy working together for a common purpose, we can help emerging and developing economies transform their energy, water, and food systems to become zero-carbon and more resilient, inclusive, and sustainable.
Third, the economic imperatives of taking climate action have never been stronger and more urgent.
Last year, climate disasters caused 320 billion dollars worth of damage worldwide.
The climate crisis is draining our pockets of resources that we desperately need for development.
Yet experts estimate that every dollar invested in climate adaptation generates a return of up to 10 times.
Meanwhile, the costs of wind, solar, and battery storage have plummeted so much that they have become the cheapest source of new electricity across most markets.
ÌýLast year, renewables accounted for 92.5% of all new power capacity added globally, and clean power surpassed 40% of global electricity generation for the first time.
This is not just an opportunity for tomorrow - the clean energy sector is already driving development and boosting jobs, accelerating digitalization and granting energy access to a wider range of people .
1.5 million jobs and 10 per cent of GDP growth globally were added in 2023 across the sector.
And crucially, most economies are now breaking the link between GDP growth and rising emissions.
Viet Nam is setting the pace on clean energy. Its bold shift from coal isn’t just fighting climate change, it’s fuelling a fairer, more equal future for all.
Excellencies,
We have a rare opportunity in our hands.
Ìý
A new economic era is about to begin — and we’re right at the cusp of setting a concrete pathway to green growth.
One that can ensure energy access, affordability, and security, and one that can create zero-carbon, disaster-resilient, and sustainable societies while protecting people and planet. At the UN, we have translated that vision and what it means for the multilateral system, under the Pact for the Future.
Yet time is a luxury we do not have.
The climate crisis is setting the pace and scale. It’s our responsibility to keep up.
Investment is critical.
To keep 1.5 degrees in reach and deliver on the SDGs, experts estimate that 2.4 trillion dollars per year will need to flow to emerging and developing economies outside China by 2030.
That means around 1.6 trillion dollars of that going to the clean energy transition.
And it means around 250 billion dollars to strengthen adaptation and resilience.
And so, I urge every government leader here today to use the tools at your disposal.
Accelerate the readily available, cost-effective solutions.
And drive change with smart policies and reforms at every level - locally, nationally, and globally.
The next round of national climate plans — or Nationally Determined Contributions — due well before COP 30 present a unique opportunity in this mission. As does meeting the Baku Road Map to deliver 1.3 trillion in Belém.
They are the key to syncing energy and development plans, building energy efficient infrastructure that aligns with a country’s climate goals, developing industries of the future in green energy, as Vietnam has demonstrated, and creating clear, consistent policies that draw big investments.
This means aligning national energy and development strategies, including regulatory framework to attract Foreign Direct Investment (FDI) with sustainable agricultural systems, digitalization, job creation, and clean energy access – fostering policy coherence and predictability to attract investments at scale.
Viet Nam is demonstrating that attracting investments, even in challenging times, is not only possible but achievable. With FDI reaching impressive new levels of $2-3 billion every month, Vietnam stands as a powerful example for others to follow.Ìý
To the corporate, financial, and civil society leaders in the room, I urge you to keep up the pressure. Keep innovating and collaborating and shifting obstacles into business opportunities.
And keep creating new models and partnerships that can mobilize finance at scale to drive commitments on climate and sustainable development into real investments in peoples’ lives.
Finally, let us commit to deliver on the promise of the SDGs and the Paris Agreement to our people today and for future generations.
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