Attending the conference were Ms. Janet Yellen, US Secretary of the Treasury; Governor of the State Bank of Vietnam Nguyen Thi Hong; Minister of Natural Resources and Environment Dang Quoc Khanh; Associate Professor Dr. Bui Anh Tuan, President of Hanoi Foreign Trade University; female leaders of the National Assembly, Ministry of Planning and Investment, Ministry of Natural Resources and Environment; leaders of schools, organizations, research institutes and staff and students of Hanoi Foreign Trade University.
Speaking at the Conference on Women Economic Leaders, Ms. Janet Yellen, US Secretary of the Treasury, highly appreciated the cooperation between the US and Vietnam in economic trade and in adapting to climate change. Meeting with many female leaders at the Conference, Ms. Janet Yellen highly appreciated the empowerment of women, especially in the economic and financial sectors, where female leaders are increasingly numerous and demonstrating their capabilities.
In the current development process, the delegates said that female leaders are and will play an important role in promoting innovation in building vision and planning production and business strategies to meet practical requirements.
At the seminar on the prospects of the economy and climate finance, Minister of Natural Resources and Environment Dang Quoc Khanh said that responding to climate change is becoming one of the priorities of all development decisions on a global scale. In Vietnam, facing challenges caused by climate change such as storms, floods, landslides, rising sea levels, saltwater intrusion in the Mekong Delta... the Vietnamese government, with the viewpoint of not trading the economy for the environment, has had policies to adapt such as strong commitments at COP26; approving the VIII power plan for energy conversion; developing a circular economy, a low-carbon economy; Vietnam became the third country in the world to adopt the Political Declaration establishing a Just Energy Transition Partnership (JETP) with international partners...
According to Minister Dang Quoc Khanh, Vietnam has identified joining hands to respond to global climate change as a responsibility, and at the same time an opportunity for Vietnam to transform its development model to bring overall and long-term benefits to the country. However, to achieve the goals of energy transition, greenhouse gas emission reduction and climate change adaptation, Vietnam's financial needs are huge. The Minister informed that according to calculations by the World Bank, Vietnam needs about 368 billion USD for the 2022-2040 period to respond to climate change, approximately 6.8% of annual GDP, of which capital from the state budget is expected to balance about 130 billion USD, the rest is mobilized from the private sector and the international community.
Therefore, Minister Dang Quoc Khanh hopes that the United States in general and Ms. Janet Yellen in her role as US Treasury Secretary will support Vietnam in exchanging with partners and international financial institutions to promote access to financial and technological resources, opening up many opportunities for development cooperation, towards low-carbon growth, and towards carbon neutrality.
At the Climate Finance and Economic Outlook seminar, delegates agreed that there needs to be more comprehensive cooperation between countries, partners, international financial institutions, universities, and research institutes to open up many development opportunities, towards low-carbon growth, and towards carbon neutrality.
At the seminar, Ms. Janet Yellen, US Secretary of the Treasury, said that recently, the world has been affected by climate change, epidemics, wars, etc., leading to economic decline. However, the US Government has developed comprehensive policies towards a “supply-side” economy (a school of macroeconomics that emphasizes the supply side of economic activities. This will increase labor productivity and enhance the supply capacity of the economy with the aim of increasing economic growth without causing inflationary pressure), including policies on taxes, investment in infrastructure construction, innovation in science and technology, development of renewable energy, wind power, green hydrogen, and environmental protection, adaptation to climate change.
With the task of adapting to climate change, this is a top priority not only for the United States but also for all countries in the world, including Vietnam with a strong commitment towards the goal of net zero emissions by 2050, especially the Political Declaration establishing the Just Energy Transition Partnership (JETP)... According to Ms. Janet Yellen, the United States supports JETP to mobilize 15.5 billion USD in financial resources from the private sector and the government in the next 3 to 5 years to support Vietnam's green transition.
The United States and Vietnam are determined to implement programs for climate change adaptation, and the US Government will always accompany Vietnam in the JETP negotiation process and support Vietnam in implementing international commitments.
State Bank Governor Nguyen Thi Hong said that in addition to introducing policies aimed at stabilizing the macro economy, ensuring system safety, and creating a favorable business environment for businesses and people, with a large financial source from international partners for climate change, the State Bank will have appropriate guidelines for sustainable development, while cooperating and sharing with central banks of other countries in the region as well as internationally to find the best solutions.
As a training unit for high-quality human resources in finance and economics, Associate Professor Dr. Bui Anh Tuan, President of Hanoi Foreign Trade University, said that climate change is a global phenomenon today, so there must be appropriate global solutions including comprehensive cooperation between governments, organizations, training schools, and research institutes.
Associate Professor Dr. Bui Anh Tuan acknowledged that cooperation between schools, organizations, and research institutes has advantages in overcoming political and cultural barriers, but currently cooperation on climate change is still very modest. Therefore, in addition to asking governments to support resources, Associate Professor Dr. Bui Anh Tuan suggested that schools and institutes must improve their own capacity and prepare necessary and sufficient conditions to be ready for international cooperation in transformation, adaptation to climate change, economic development, and climate finance.
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