NTO - Vietnam - US share financial solutions to respond to climate change

On July 21, within the framework of the official visit to Vietnam of US Treasury Secretary Janet Yellen, the State Bank of Vietnam in coordination with the Foreign Trade University in Hanoi organized the Conference of Women Economic Leaders with the theme of Economic Prospects and Climate Finance.

At the conference, speakers affirmed that the world economy continues to face many difficulties in the post-COVID-19 period such as: high and persistent inflation, monetary tightening trend, supply chain disruption, slowing economic growth, risk of recession...

In addition to macroeconomic challenges, countries around the world are also facing challenges from climate change. These difficulties and challenges are negatively affecting the production and business activities of enterprises as well as the quality of life of people.

Faced with the above issues, Governor of the State Bank Nguyen Thi Hong shared that, from the perspective of monetary policy, the State Bank is always steadfast in its goal of controlling inflation, stabilizing the macro-economy, and ensuring the safety of the banking system. This is the consistent viewpoint in the State Bank's management.

To achieve this goal, the State Bank always closely monitors developments, proactively implements solutions and tools at appropriate times and in appropriate quantities; identifies key points in each stage for appropriate management; closely coordinates with fiscal policy and other macroeconomic policies to achieve the set goals.

Speakers discussing at the Conference. Photo: nhandan.vn

On the side of the US Treasury , Ms. Janet Yellen, US Treasury Secretary shared: The US is pursuing policy priorities to enhance the resilience of the supply chain, promote strong and comprehensive growth. Typically, economic policy according to modern supply-side economics focuses on increasing labor supply, improving infrastructure, education and research to promote the potential growth of the economy in an inclusive manner and help reduce inflationary pressures. Ms. Yellen said that the US is ready to cooperate with Vietnam to overcome challenges and develop the economy.

At the conference, speakers spent a lot of time sharing solutions to respond to climate change. Minister of Natural Resources and Environment Dang Quoc Khanh affirmed: this is an irreversible trend and the most serious challenge facing humanity today. Responding to climate change is therefore becoming one of the priorities of all development decisions on a global scale.

As one of the countries most severely affected by climate change, Vietnam has always been active and responsible in reducing greenhouse gas emissions and adapting to climate change, and has taken steps to transform its development model towards "greening".

At the COP26 Conference, Vietnam committed to achieving net zero emissions by 2050 and recently adopted the Political Declaration establishing the Just Energy Transition Partnership (JETP) with partners inside and outside the G7.

Sharing the same view with the Minister of Natural Resources and Environment, Ms. Janet Yellen said that in order to limit the negative impacts of climate change, countries will need a lot of time and resources. Accordingly, the United States promotes the role of multilateral international development banks (MDBs) and the private sector in mobilizing funding for projects/programs to respond to climate change.

On the State Bank side, Governor Nguyen Thi Hong shared: as an important financial supply channel for the economy, the Vietnamese banking industry always identifies its role and responsibility in "greening" investment capital flows for sustainable development goals. The State Bank Governor shares the same view with Secretary Janet Yellen when saying that countries can diversify capital sources for "green" projects, especially through MDBs such as the World Bank (WB), Asian Development Bank (ADB) ... to take advantage of and promote long-term capital sources at reasonable capital costs to address challenges from climate change.

Mr. Bui Anh Tuan, President of Foreign Trade University, said that cooperation in education and training, scientific research and technology transfer on climate change response is extremely important and needs to be further promoted among Institutes and Schools at both national and international levels.

After the roundtable discussion, the speakers spent time interacting with students of Foreign Trade University.

The conference attracted the participation of more than 300 delegates including female leaders holding important roles in the Party, National Assembly, Government, ministries, branches, institutes, schools, international organizations, commercial banks and students of Foreign Trade University.

The conference affirmed the role and concern of women, the awareness and determination of the young generation in joining hands to respond to global challenges such as climate change towards a greener society, a sustainable and prosperous future for all.

According to VNA/Tin Tuc Newspaper

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