GFANZ looks forward to working closely with Vietnam in the energy transition process.

On the afternoon of July 13, at the Government headquarters, Deputy Prime Minister Tran Hong Ha received Ms. Alice Carr, Executive Director of Public Policy of GFANZ - Finance Alliance for Net Zero.

Phó Thủ tướng Trần Hồng Hà tiếp bà Alice Carr, Giám đốc điều hành chính sách công của Liên minh tài chính Glasgow vì mục tiêu giảm phát thải ròng bằng “0”. (Nguồn: TTXVN)

Deputy Prime Minister Tran Hong Ha received Ms. Alice Carr, Executive Director of Public Policy of Glasgow Finance Alliance for the goal of net zero emissions. (Source: VNA)

At the meeting, the Deputy Prime Minister shared solutions and roadmap to implement the commitment to reduce net greenhouse gas emissions to zero, the Just Energy Transition Agreement (JETP) and other work that Vietnam has been implementing.

Emphasizing that Vietnam has made careful preparations to select effective and practical projects, the Deputy Prime Minister hopes that together with the Governments of other countries, GFANZ will proactively participate in leading the implementation of Net Zero and JETP.

According to the Deputy Prime Minister, energy transition is an irreversible trend, a new development direction for the economy . Finance, technology, and human resources are the three most important factors in energy transition. Therefore, financial institutions need to reform and change their organization, methods, and operational goals to adapt to the current energy transition trend.

Currently, Vietnam has renewable energy projects (wind power, solar power) with a capacity of about 9,000 MW. The national power development plan for the 2021-2030 period, with a vision to 2050 (Power Plan VIII) allocates a large space for renewable energy, including plans to build a number of offshore wind power centers, develop rooftop solar power, build a smart grid, ensure the balance and stability of the energy system, encourage self-production and consumption of solar power on site, etc.

Some Vietnamese enterprises will be assigned to pilot a number of energy conversion projects to perfect technology, institutions, investment policies and related issues. In addition, Vietnam prioritizes green conversion projects in the fields of transport, agriculture, etc.

The Deputy Prime Minister said that there should be a medium-term and long-term vision for renewable energy conversion projects with sustainable financial resources to solve social and employment issues while gradually reducing the use of fossil fuels; helping businesses confidently implement green transformation. The effectiveness of renewable energy projects is not only beneficial to investors but also beneficial to global goals on climate change response.

In addition, Vietnam is interested in education, training and research activities on renewable energy and new fuels; and hopes that GFANZ will transfer experience in developing renewable energy in developing countries, thereby establishing an effective form of connection and cooperation with Vietnam.

With sincere thanks to Deputy Prime Minister Tran Hong Ha for taking the time to meet her, Ms. Alice Carr highly appreciated Vietnam's issuance of the Power Plan VIII as a basis for implementing the goals set in Net Zero, JETP.

Ms. Alice Carr affirmed that the participation of GFANZ and member financial institutions is very important to come up with specific and priority plans in the energy transition process and green economic development.

Sharing the issues raised by the Deputy Prime Minister, Ms. Alice Carr said that it is necessary to strongly promote the rapid formation of a global financial policy framework to promote JETP.

“GFANZ wishes to cooperate closely with Vietnam in the energy transition process, identifying priority areas, based on its own comparative advantages such as developing smart grids, offshore wind power, researching new fuel production, storage, transportation and use technologies…”, Ms. Alice Carr shared.

GFANZ leaders wish to participate in the activities of the JETP Implementation Secretariat as well as pilot projects on energy transition to identify effective and appropriate models and structures in the use of financial resources, with the highest competitiveness and in line with people's ability to pay. GFANZ will allocate financial resources for technological innovation activities on smart grids, fossil energy conversion, etc.

Source