Further facilitate the private sector's involvement in the renewable energy sector.

Deputy Prime Minister Tran Hong Ha stated that Vietnam is focusing on perfecting the legal framework for green growth and digital transformation; and accelerating energy transition according to the approved Power Development Plan VIII. - Photo: VGP

The session 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 Net Greenhouse Gas Emissions (GFANZ), the Finance Ministers of the United States, Indonesia, and the Netherlands, the Minister of International Cooperation of Egypt, and many leaders and CEOs of leading banks and investment funds worldwide, such as Blackrock, BNP Paribas, Prudential , Bank of America, etc.

Public investment leads and promotes private investment.

As one of the keynote speakers at the session, Deputy Prime Minister Tran Hong Ha affirmed the profit potential and private sector interest 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 for mobilizing investment resources.

Therefore, the Deputy Prime Minister emphasized the need to develop standards, perfect a stable and transparent legal framework, and innovate the model of financial cooperation between the government and the private sector.

Methods for mobilizing capital from the private sector need to be reformed towards developing a green financial market, carbon credit trading, supporting technology development and transfer, and implementing strategic projects such as renewable energy production, green hydrogen, green ammonia, and smart power transmission.

"Public investment capital from the government needs to play a leading role in promoting private investment; supporting costs during the investment phase, product consumption, guaranteeing loans, and minimizing risks for the private sector in green growth and renewable energy projects," the Deputy Prime Minister said.

Furthermore, the capacity of the private sector and stakeholders needs to be strengthened, especially in developing countries, to build and implement a fair, diverse, practical, and market-oriented green transition roadmap.

Concurring with Deputy Prime Minister Tran Hong Ha, leaders of multilateral financial organizations and international banks believe that private sector financing 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 a knowledge-based economy and a circular economy, and achieving the goal of net zero greenhouse gas emissions by 2050.

The focus is on perfecting the legal framework for green growth and digital transformation; and accelerating the energy transition in accordance with the approved Power Development Plan VIII.

Thanking partners and international organizations for their assistance, the Deputy Prime Minister stated that Vietnam hopes to continue receiving effective cooperation in infrastructure projects, green projects, climate change adaptation, and sustainable water use. He expressed deep confidence that the world will overcome the climate and environmental crisis if we unite, cooperate, and mobilize the full participation of all parties, especially the private sector, thereby building a sustainable and prosperous future for our people.

The private sector is a key factor in green transformation.

The opinions and suggestions of Deputy Prime Minister Tran Hong Ha were shared and highly appreciated by the attending leaders. Delegates agreed that Vietnam's participation in the Joint Fair Energy Transition Partnership (JETP) and its efforts to mobilize financial resources from both the public and private sectors to achieve energy transition goals are significant, creating new impetus for economic growth.

US Treasury Secretary Janet Yellen highlighted the potential for implementing ongoing cooperation projects with Vietnam and Indonesia in the field of energy transition.

Concurring with Deputy Prime Minister Tran Hong Ha, leaders of multilateral financial organizations and international banks emphasized that leveraging private sector financing is a key factor for green transformation and sustainable development.

Many opinions emphasize the need for a holistic and comprehensive approach, particularly coordinated policies among 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.

Deputy Prime Minister Tran Hong Ha meets with Ms. Agnes Pannier Runacher, Minister of Energy Transition of France - Photo: VGP

Within the framework of the conference, Deputy Prime Minister Tran Hong Ha held a working meeting with Ms. Agnes Pannier Runacher, Minister of Energy Transition of France.

Minister Agnes Pannier Runacher highly appreciated the Deputy Prime Minister's remarks, which contributed to the success of the conference; affirming France's desire to strengthen cooperation with Vietnam, especially in the fields of renewable energy and nuclear energy development.

Deputy Prime Minister Tran Hong Ha requested France to continue supporting Vietnam in the implementation of the JETP Agreement, as well as in the transfer of green technologies and connecting businesses in the renewable energy and green energy sectors.

Both sides agreed to continue coordinating efforts to contribute to the overall success of the 28th Conference of Parties to the United Nations Framework Convention on Climate Change (COP28), scheduled to be held in November 2023 in Dubai.

Source: https://baotainguyenmoitruong.vn/tao-dieu-kien-hon-nua-khu-vuc-tu-nhan-trong-linh-vuc-nang-luong-tai-tao-359992.html