Deputy Prime Minister Tran Hong Ha said that Vietnam is focusing on perfecting the legal framework for green growth and digital transformation; accelerating energy conversion according to the approved Power Plan VIII - Photo: VGP
The meeting was attended by the President of the World Bank (WB), the Managing Director of the International Monetary Fund (IMF), the President of COP28, the President of the Glasgow Financial Alliance for Zero Net Greenhouse Gas Emissions (GFANZ), the Finance Ministers of the United States, Indonesia, the Netherlands, the Minister of International Cooperation of Egypt, many leaders and CEOs of the world's leading banks and investment funds, such as Blackrock, BNP Paribas, Prudential, Bank of America...
Public investment leads and promotes private investment.
As one of the keynote speakers of the session, Deputy Prime Minister Tran Hong Ha affirmed the profit potential and interest of the private sector in the renewable energy sector. Accordingly, governments need to create more favorable conditions for the participation of private investors in this sector by ensuring consistency and synchronization in strategies and plans to mobilize investment resources.
Therefore, the Deputy Prime Minister emphasized the need to develop standards, perfect a stable and transparent legal corridor, and innovate the financial cooperation model between the government and the private sector.
The method of mobilizing capital from the private sector needs to be innovated towards developing a green financial market, exchanging carbon credits, supporting technology development and transfer, and implementing strategic projects, such as renewable energy production, green hydrogen, green ammonia, smart power transmission, etc.
"Public investment capital from the government needs to play a leading role in promoting private investment; supporting costs during the investment phase, product consumption, loan guarantees, and minimizing risks for the private sector in green growth and renewable energy projects," said the Deputy Prime Minister.
In addition, the capacity of the private sector and stakeholders needs to be strengthened, especially in developing countries, to develop and implement a green transition roadmap that is equitable, diverse, highly practical and consistent with market rules.
Agreeing with Deputy Prime Minister Tran Hong Ha, leaders of multilateral financial institutions and international banks said that private sector finance is a key factor for green transformation and sustainable development - Photo: VGP
Deputy Prime Minister Tran Hong Ha emphasized that Vietnam is accelerating green transformation, digital transformation, developing knowledge economy, circular economy, and achieving the goal of reducing greenhouse gas emissions to zero (netzero) by 2050.
The focus is on perfecting the legal framework for green growth and digital transformation; accelerating energy conversion according to the approved Power Plan VIII.
Thanking the support of partners and international organizations, the Deputy Prime Minister said that Vietnam hopes to continue receiving effective cooperation in infrastructure projects, green projects, climate change adaptation projects, and sustainable use of water resources; he deeply believes that the world will overcome the climate and environmental crisis if it unites, unifies and mobilizes the full participation of all parties, especially the private sector, thereby building a sustainable and prosperous future for the people.
The private sector is key to green transition
The opinions and proposals of Deputy Prime Minister Tran Hong Ha were shared and highly appreciated by the attending leaders. Delegates said that Vietnam's participation in the Fair Energy Transition Partnership (JETP) and Vietnam's efforts in mobilizing financial resources from both the public and private sectors to achieve the energy transition goal are of great significance, creating new momentum for economic growth.
US Treasury Secretary Janet Yellen highlighted the potential in implementing ongoing cooperation projects with Vietnam and Indonesia in the field of energy transition.
Agreeing with Deputy Prime Minister Tran Hong Ha, leaders of multilateral financial institutions and international banks emphasized that promoting private sector financial resources is a key factor for green transformation and sustainable development.
Many opinions emphasized the need for a comprehensive, holistic approach, especially policy coordination between governments, multilateral development banks, and international financial and credit institutions to effectively mobilize private capital for the energy transition, green development, and emission reduction in developing countries.
Deputy Prime Minister Tran Hong Ha met with Ms. Agnes Pannier Runacher, French Minister of Energy Transition - Photo: VGP
Within the framework of the conference, Deputy Prime Minister Tran Hong Ha had a working session with Ms. Agnes Pannier Runacher, French Minister of Energy Transition.
Minister Agnes Pannier Runacher appreciated the Deputy Prime Minister's speeches for contributing to the success of the conference; affirmed that France wishes to strengthen cooperation with Vietnam, especially in the fields of renewable energy and nuclear energy development.
Deputy Prime Minister Tran Hong Ha asked France to continue supporting Vietnam in the implementation of the JETP Agreement, as well as transferring green technology and connecting businesses in the fields of renewable energy, green energy, etc.
The two sides agreed to continue to coordinate to contribute to the overall success of the 28th Conference of the Parties to the United Nations Framework Convention on Climate Change (COP28), scheduled to be held in November 2023 in Dubai.
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