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| Deputy Prime Minister Tran Hong Ha speaks at the Discussion Session on mobilizing financial resources from the private sector. |
Managing Director of the International Monetary Fund (IMF), President of COP 28, President of the GFANZ Financial Union, Ministers of Finance of the United States, Indonesia, the Netherlands, 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...
As one of the key speakers of the Session, Deputy Prime Minister Tran Hong Ha presented a number of important messages on mobilizing private finance.
Firstly, affirming the profit potential and interest of the private sector in the renewable energy sector, governments need to further facilitate the participation of this sector by ensuring consistency and synchronization in strategies and plans to mobilize investment resources.
Second, it is necessary to develop standards, perfect a stable and transparent legal corridor, and innovate the financial cooperation model between the Government and the private sector.
Third, innovate methods of mobilizing capital from the private sector, develop green financial markets, exchange carbon credits, support technology development and transfer, and implement strategic projects such as renewable energy production, hydrogen, and smart power transmission.
Fourth, public investment capital from the Government needs to play a leading role in promoting 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.
Fifth, it is necessary to strengthen the capacity of the private sector and stakeholders, especially developing countries, to build and implement a green transition roadmap that is equitable, diverse, highly practical and consistent with market rules.
The Deputy Prime Minister emphasized that Vietnam is accelerating green transformation, digital transformation, developing a knowledge-based economy, circular economy, and achieving the goal of zero emissions by 2050. The focus is on perfecting the legal framework for green growth, digital transformation, and accelerating energy transformation according to the approved Power Plan VIII.
Thanking the partners for their support and looking forward to continuing to receive effective cooperation in infrastructure projects, green projects, climate change adaptation projects, and sustainable use of water resources, the Deputy Prime Minister deeply believes that the world will overcome the climate and environmental crisis if we unite, unify and mobilize the full participation of all parties, especially the private sector, thereby building a sustainable and prosperous future for the people.
The Deputy Prime Minister’s opinions and proposals 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.
The US Treasury Secretary highlighted the potential in implementing ongoing joint projects with Vietnam and Indonesia in the field of energy transition.
Leaders emphasized that leveraging private sector finance 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 energy transition, green development, and emission reduction in developing countries.
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| Deputy Prime Minister Tran Hong Ha worked with Ms. Agnes Pannier Runacher, French Minister of Energy Transition. |
Within the framework of the Conference, Deputy Prime Minister Tran Hong Ha worked with Ms. Agnes Pannier Runacher, French Minister of Energy Transition.
The French Minister highly appreciated the Deputy Prime Minister's speeches, 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 process of implementing the Political Declaration establishing JETP 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 upcoming COP28 Conference (November 2023 in Dubai).
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