According to Savills' expert, global investors are paying more attention to ESG so the formulation of a comprehensive development strategy that incorporates sustainable environmental measures is imperative.
PRO Vietnam's representative stated it is urgent to evaluating projects and other pilot models on waste collection and recycling from now to 2024 to choose the right one to be replicated, aiming at implementing the EPR policy tool.
The adoption of environmental, social and governance (ESG) criteria in private enterprises is a driver of innovation and new opportunities, creating long-term value for business and society.
Developing a modern, standard waste collection, recycling and treatment system is key requirement to effectively implementing the EPR tool, helping businesses save on the cost.
The Environmental Protection Law 2020 introduces a new perspective on solid waste management as polluter-pays principle, reflected in policy instruments such as extended producer responsibility (EPR), waste charge by volume.
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According to Phan Tuan Hung, director of the Legal Department under the Ministry of Natural Resources and Environment, the contribution fee for the collection, recycling and treatment of hazardous waste is mandatory for the purpose of encouraging businesses to adjust their product design as well as their production and business methods toward an environmentally beneficial direction.
Source separation of waste is seen as core solution in the circular economy application, and has been applied by countries having high recycling rates.
Extended producer responsibility (EPR) and carbon credits are market-based environmental protection tools that put financial returns as the engine for sustainable change.
2022 marks the first year the revised Law on Environmental Protection (LEP) 2020 came into effect, and also the first year Vietnam has lots of drastic actions to realise its commitments to bring net emissions to zero at COP26.
The success of deposit-return system operation in some European countries recommends that Vietnam can apply the model to boost the circular economy in the future, especially when the informal waste collection workforce reduce.
The German development cooperation agency GIZ and Decathlon have launched a joint initiative to improve the environmental performance of the garment and textile supply chain in Vietnam.
Vietnamese businesses has prepared for Extended Producer Responsibility (EPR) implementation very early, even before when the Law on Environmental Protection 2020 was approved.
The aim is to increase the province’s waste treatment capacity and reduce its environmental footprint while protecting residents from health risks associated with untreated waste.
Consumers need to use their power in making purchasing decisions to express their attitudes towards businesses that are irresponsible to the environment, thereby creating pressure to promote sustainable production and consumption.
