Mobilizing financial resources for the green energy transition

Mobilizing financial resources for the green energy transition 29/08/2022 04:55:00 129

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On 29 August, Minister Ho Duc Phoc had a meeting and worked with the President of the 26th United Nations Climate Change conference (COP26), Mr. Alok Sharma and the delegation at the headquarters of the Ministry of Finance. Attending the meeting were also representatives of leaders of some functional units under the Ministry of Finance.

On 29 August, Minister Ho Duc Phoc had a meeting and worked with the President of the 26th United Nations Climate Change conference (COP26), Mr. Alok Sharma and the delegation at the headquarters of the Ministry of Finance. Attending the meeting were also representatives of leaders of some functional units under the Ministry of Finance.

Minister Ho Duc Phuc welcomes the COP26 President and the delegation to visit and work with the Ministry of Finance of Vietnam

Minister Ho Duc Phoc welcomed the President of the 26th COP26, Mr. Alok Sharma and the delegation to visit and work in Vietnam. The Minister claimed that the Ministry of Finance is a multi-sectoral management ministry, over the past time, the Ministry of Finance has issued many fiscal policies to respond to the COVID-19 pandemic and support economic recovery and development, especially financial policies for green energy transformation and the implementation of the commitment of Vietnam’s Government at COP26.

At the meeting, Minister Ho Duc Phoc and COP26 President Mr. Alok Sharma discussed about the Energy Transition Partnership; Opportunities for Vietnam to access international financial resources to support energy transition through Multilateral Banks; Access to private capital, including international sources, to invest in green projects for Vietnam...

Minister Ho Duc Phuc speaking at the meeting

Sharing about the process of implementing the commitment of Vietnam’s Government at COP26, the Minister emphasized: Currently, Vietnam is strongly converting fossil energy to green energy, developing solar power, wind power, etc. At the same time, diversify capital sources to implement this policy such as state budget capital, commercial banks, foreign capital, private capital... and issue green bonds to mobilize resources to accelerate energy conversion.

Implementing the commitments at COP26, Vietnam has issued a strategy and decided to introduce programs and solutions to realize the committed strategic goals. The Ministry of Finance, with its advisory role in the financial sector, has developed financial policies to prepare resources to successfully implement the goals committed at COP26.

Overview of the working session

Emphasizing that Vietnam has great potential to develop solar power, wind power..., Minister Ho Duc Phoc stated that currently, Vietnam has expanded to attract domestic and foreign investment for renewable power systems. The Ministry of Finance will closely follow the power diagram 8 planning to determine the most effective sources of capital for energy conversion.

Also at the meeting, COP26 President Alok Sharma welcomed Vietnam's commitments at COP26 as well as solutions implemented to respond to climate change. Sharing the same view with the Minister, Mr. Alok Sharma said that Vietnam has a lot of potential to develop wind power, solar power ... to meet both the energy demand and the goal of reducing emissions to zero.

COP26 President at the meeting

According to Mr. Alok Sharma, promoting green growth is indispensable to promote high growth, create jobs for people... G7 countries as well as the private sector in other countries are also very interested in Vietnam and provide technical assistance to Vietnam to achieve climate change results. The COP26 delegation expressed their desire to cooperate with Vietnam in finance to resolve the climate change in the future; cooperate on funding for green projects and develop Vietnam's financial market to achieve the goal of green bonds, develop capital markets... "We are committed to doing what we can to support Vietnam green growth development." - COP26 President Alok Sharma affirmed./.

HT

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