GFANZ looks to support major energy transition priorities in Vietnam

Minister of Natural Resources and Environment Dang Quoc Khanh received and worked with the delegation led by Mr. Mark Carney, Chairman of the Glasgow Financial Alliance for Net Zero Emissions (GFANZ) and representatives of financial institutions that are members of GFANZ.

At the meeting, Minister Dang Quoc Khanh said that the Plan to mobilize resources to implement the Just Energy Transition Partnership (JETP) of Vietnam was announced by Vietnamese Prime Minister Pham Minh Chinh, President of the European Commission, UK Secretary of State and representatives of partner countries and GFANZ at COP28.

On this occasion, the Minister sincerely thanked GFANZ for working closely with the International Partnership Group (IPG) in developing the Resource Mobilization Plan for the implementation of JETP. The Minister proposed that GFANZ cooperate and support Vietnam in implementing JETP and its commitments on climate change response, especially the commitment to achieve net zero emissions by 2050 at COP26.

The Minister welcomed the International Partnership Group and GFANZ’s expressed desire to support major priorities for a just energy transition in Vietnam with an initial commitment of USD 7.5 billion. After COP26, many financial institutions that are members of GFANZ such as HSBC, Standard Chartered, etc. have approached and committed financial packages to support Vietnam in implementing energy transition actions and adapting to climate change.

To achieve the goal of increasing resilience and achieving net zero emissions by 2050, Vietnam's financial needs for climate change response in the 2022-2040 period are huge, requiring support from the international community. In the coming time, the Minister suggested that the members of the Alliance continue to mobilize additional support with more preferential conditions to accelerate the implementation roadmap of JETP.

Minister Dang Quoc Khanh took a souvenir photo with the Working Group of the Glasgow Finance Alliance for Net Zero Emissions (GFANZ)

At the same time, promoting cooperation with international partners, especially cooperation in developing sustainable green finance, is one of the priorities of the Ministry of Natural Resources and Environment. Minister Dang Quoc Khanh said that the Ministry of Natural Resources and Environment will strengthen cooperation with a number of leading financial institutions such as Citibank, Standard Chartered, HSBC and a number of leading domestic banks to implement specific actions, support businesses and the private sector in implementing projects to respond to climate change and protect the environment.

At the meeting, the Minister directly answered and provided information related to solutions to promote equitable energy transition in Vietnam, emphasizing that the Party, National Assembly and Government have issued policies, strategies and plans to implement Vietnam's commitments on reducing greenhouse gas emissions, converting energy towards increasing the proportion of renewable energy while still ensuring the goal of sustainable development on the principles of fairness, justice, mobilizing the participation of the private sector and international financial and credit institutions.

For their part, GFANZ members wish and commit to participating substantially and effectively in energy transition projects in Vietnam according to the announced Resource Mobilization Plan.

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