The meeting was attended by the President of the World Bank (WB), the Director General of the International Monetary Fund (IMF), the President of COP28, the President of the Glasgow Financial Union for the goal of net greenhouse gas emissions by zero (GFANZ), Finance Ministers of the countries: United States, Indonesia, Netherlands, Egypt's Minister of International Cooperation, many leaders and executives of the world's leading banks and investment funds, such as Blackrock, BNP Paribas, Prudential, Bank of America…
Leading public investment and promoting 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 further facilitate the participation of private investors in this field by ensuring consistency and synchronizing strategies and plans to mobilize investment resources.
Therefore, the Deputy Prime Minister emphasized the need to develop standards, complete a stable and transparent legal corridor, and renew the financial cooperation model between the government and the private sector.
Deputy Prime Minister Tran Hong Ha said that Vietnam is focusing on perfecting the legal framework for green growth and digital transformation; accelerating energy transition compliance with approved National Power Development Plan VIII
The method of mobilizing capital from the private sector needs to be innovated in the direction of developing green financial markets, exchanging carbon credits, supporting technology development and transfer, and implementing strategic projects, such as renewable energy production, green hydrogen, green ammonia, smart power transmission...
"Public investment capital from the government should play a leading role in promoting investment; supporting costs during the investment stage, product consumption, loan guarantee, and risk reduction 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 should be strengthened, especially in developing countries, to develop and implement a fair, diverse, and highly realistic green transition roadmap in line with market rules.
Deputy Prime Minister Tran Hong Ha emphasized that Vietnam is accelerating green transformation, digital transformation, developing knowledge economy, and circular economy, realizing a net zero greenhouse gas emissions target (netzero) in 2050.
In which, the focus is on completing the legal framework for green growth and digital transformation; accelerating the energy transition compliance with approved National Power Development Plan VIII.
Thanks to the help of international partners and organizations, the Deputy Prime Minister said that Vietnam wishes to continue to receive efficient cooperation in infrastructure projects, green projects, and climate change adaptation, sustainable use of water resources; deeply believes that the world will overcome the climate and environmental crisis if together unite, unify and mobilize the full participation of all parties, especially the private sector, thereby building a sustainable and comfortable future for the people.
The private sector is key to green transformation
The opinions and suggestions of Deputy Prime Minister Tran Hong Ha were shared and highly appreciated by the participating leaders. Delegates noted Vietnam's participation in the Just Energy Transition Partnership (JETP) agreement and Vietnam's efforts in mobilizing financial resources from both the public and private sectors to realize the goal of important energy transformation, creating a new motive for economic growth.
US Treasury Secretary Janet Yellen highlighted the potential of implementing ongoing cooperation projects with Vietnam and Indonesia in the field of energy conversion.
Agreeing with Deputy Prime Minister Tran Hong Ha, leaders of multilateral financial institutions, and international banks emphasized that promoting the financial resources of the private sector is a key factor for green transformation and sustainable development.
Many opinions emphasized the need for a comprehensive and holistic approach, especially policy coordination of governments, multilateral development banks, and international financial and credit institutions to effectively mobilize private capital for energy transition, green development, and emission reduction in developing countries.
Within the framework of the conference, Deputy Prime Minister Tran Hong Ha had a meeting with Ms. Agnes Pannier Runacher, French Minister of Energy Conversion.
Minister Agnes Pannier Runacher highly appreciated the speeches of the Deputy Prime Minister which contributed to the success of the conference; affirmed that France wishes to strengthen cooperation with Vietnam, especially in the field of renewable energy development and nuclear energy.
Deputy Prime Minister Tran Hong Ha requested France to continue supporting Vietnam in the implementation process of the JETP agreement, as well as green technology transfer, and business connections in the field of renewable energy, and green energy...
The two sides agreed to continue working together 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.