On the morning of March 27, at the Government Headquarters, Deputy Prime Minister Tran Hong Ha received Ms. Mary L.Schapiro, Vice President of the Glasgow Finance Alliance for Net Zero Greenhouse Gas Emissions (GFANZ).
Deputy Prime Minister Tran Hong Ha received Vice President of the Glasgow Finance Alliance for Net Zero Emissions Mary L. Schapiro. Photo: Van Diep/VNA
At the meeting, the Deputy Prime Minister shared that Vietnam is facing some difficulties in building legal mechanisms and policies for green transformation. Many investors have expressed interest in renewable energy projects but have not yet solved the technological problems related to ensuring balance and stability of the national grid; production and use of green hydrogen, green ammonia; electricity storage solutions; electricity export... Accordingly, Vietnam aims to completely resolve legal problems in the coming time; at the same time, pilot a number of offshore wind power and solar power projects with electricity storage solutions, flexible power supply... The Deputy Prime Minister emphasized that Vietnam has had specific energy transformation projects such as increasing the capacity of hydropower plants combined with solar power, wind power, developing biomass power, implementing carbon neutrality, green transportation conversion, reducing methane emissions on 1 million hectares of rice, developing 5,000 MW of rooftop solar power...; Currently, GFANZ needs financial support for early implementation. In addition, Vietnam wishes to receive technical and expert assistance in building, perfecting institutions, transferring technology, assessing the feasibility of energy centers, offshore wind power... "GFANZ needs to build a clear financial mechanism on the responsibilities of the parties ( Government , financial institutions, enterprises...), the specificity of capital sources for the renewable energy sector and quickly concretize it with projects", said the Deputy Prime Minister. Along with that, GFANZ needs to have specific commitments on finance and technology transfer from G7 countries and international partners in the Just Energy Transition Agreement (JETP). Thanking the Deputy Prime Minister for taking the time to meet, Ms. Mary L.Schapiro shared about the movement of global financial institutions in mobilizing capital for energy transition projects as well as challenges for many economic sectors. Accordingly, GFANZ will allocate financial resources for research, innovation and technology transfer in the field of renewable energy. GFANZ leaders hope to receive clear requests and proposals from Vietnamese ministries and sectors on the mechanism for mobilizing capital in the international market for businesses investing in the development of smart grids, renewable energy, fossil energy conversion, green fuel production from solar power, offshore wind power, etc.
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