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| Mr. Tom Thornley, First Secretary for Climate and Nature, British Embassy in Hanoi, shared this at the workshop. (Source: British Embassy in Hanoi) |
Speaking about the UK Government's participation in the Joint Fair Energy Transition Partnership (JETP), Tom Thornley, First Secretary for Climate and Nature at the British Embassy in Hanoi, informed that in March, the UK set a target of halving global emissions by 2030, while promoting climate resilience through net-zero emissions and transforming the global economy in an environmentally positive direction.
"A key factor in achieving this goal is the long-term and close cooperative relationships between countries. A prime example is the partnership between the United Kingdom and Vietnam in many areas such as research, policy planning, and finance , " shared Tom Thornley.
According to Tom Thornley, the UK and Vietnam share many similar views on climate issues. Both sides aim for net-zero emissions by 2050. "The UK is very willing to work alongside countries that share this vision. We have doubled our international climate funding to £11.6 billion to support countries between 2021 and 2026. With this funding, the UK is helping developing countries and emerging economies like Vietnam respond to the challenges of climate change and realize their ambition of achieving net-zero emissions," added Tom Thornley.
At the workshop, stakeholders in the green bond market, such as international non-profit organizations, securities companies, local banks, credit rating agencies, and Prudential Vietnam's asset management unit – Eastspring Vietnam Fund Management Company – shared information and lessons learned from the obstacles and barriers in the Southeast Asian (ASEAN) market, thereby drawing lessons for promoting the growth of the green bond market in Vietnam.
In his presentation on the Sustainable Financial Market Landscape in ASEAN and Vietnam in 2022, Mr. Chi Xiang Wong, Senior ASEAN Analyst at the Climate Bond Initiative (CBI) – a global fundraising organization for climate change mitigation – noted that diversification of green bond issuance is becoming increasingly popular in the region.
There is growing interest from stakeholders in this field, including policymakers, regulatory bodies, and the financial sector, with initiatives and efforts to support sustainable financing to promote green growth in Vietnam.
"CBI has observed numerous initiatives from policymakers – for example, guidelines issued by the Central Bank on managing environmental risks in credit extension activities, along with a handbook on issuing green bonds in Vietnam, which CBI produced under authorization from the securities regulator," Mr. Chi Xiang Wong informed.
Mr. Ngo The Trieu, General Director of Eastspring Investment Vietnam – the asset management unit of Prudential Group, shared his experiences and practical examples on the Sustainable Investment Journey.
According to Mr. Trieu, the need for financing to combat climate change in Vietnam will soon increase significantly, with a large contribution from private financing. Prudential Vietnam identifies supporting the Vietnamese government in achieving net-zero emissions by 2050 as a key objective. A crucial aspect of supporting the transition to a low-carbon economy is investing in sustainable financing mechanisms, with green bonds being key in Vietnam's current context.
Delegates and guests had a productive exchange session, with many ideas and solutions put forward to promote the development of the green bond market. The green bond market plays a crucial role in mobilizing private capital and financing the transition towards net-zero emissions in Vietnam.
In December 2022, the Joint Agreement on the Just Energy Transition (JETP) was signed between the International Partnership Group (IPG), comprising G7 countries along with Norway, Denmark, and Vietnam, to establish cooperation agreements on energy transition. This agreement includes commitments from both sides. On the IPG's side, it's a commitment to mobilize financial resources and expertise to support Vietnam. On the Vietnamese government's side, it's a commitment to enacting mechanisms to optimize support from the IPG. Several financial institutions are acting under the JETP agreement: Standard Chartered Bank, HSBC, Prudential, etc. |
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