Vietnam seeks to lure resources for green, sustainable development hinh anh 1
Photo: SBV Governor Nguyen Thi Hong speaks at the conference. (Photo: VietnamPlus)
Hanoi (VNA) – The State Bank of Vietnam (SBV) and the Banking Working Group (BWG) jointly held a conference in Hanoi on July 16 to discuss measures to attract resources to implement green growth and sustainable development targets.

Experts said green growth is essential to sustainable development and requires a close, good and harmonious combination between socio-economic development and environmental protection.

Speaking at the event, SBV Governor Nguyen Thi Hong stressed that the banking sector has proactively implemented tasks and solutions to support individuals and businesses to overcome difficulties and respond to negative impacts caused by the COVID-19 pandemic, confirming its role as the lifeblood of the national economy and contributing to the economic recovery and stability.

She said climate change poses risks and challenges to all economies worldwide, requiring them to promptly design response policies and scenarios.

As one of the countries most vulnerable to climate change, Vietnam has actively rolled out measures to deal with its impacts and promote green and sustainable growth simultaneously, Hong noted.

She underlined that the strong commitments Prime Minister Pham Minh Chinh announced at the 26th UN Climate Change Conference of the Parties (COP26), including net-zero emission in 2050, are highly valued by the international community, opening chances for the country to strengthen partnerships in circular economy development and climate change response.

The banking sector has actively contributed to the implementation of targets set in the National Strategy on Green Growth in the 2021-2030 period with a vision to 2050 through various activities, including the building of an action plan for the sector to realise the strategy, along with a circular on environmental and social risk management during credit provision activities.

BWG leader Michele Wee highlighted the significant role of finance in implementing green and sustainable growth goals, adding that Government support should be strengthened. With the participation and practical actions of the domestic private sector and through financial sources from the public and private sectors.

The discovery and access to new resources for climate change adaptation and the integration of environment and climate issues into corporate finance strategies remain challenges for governments, businesses and organisations striving to implement low carbon strategies, plans and projects, she said.

The SBV Governor added that Vietnam needs a close, reasonable and harmonious combination of socio-economic development and environmental protection.

Deputy Minister of Planning and Investment Nguyen Thi Bich Ngoc said Vietnam needs about 360 billion USD to implement green and sustainable development goals to 2030, with half of those sourced from the private sector.

She recommended four measures to attract more resources for green and sustainable development goals, including building policies, improving access to green finance, building sustainable investment institutions and enhancing transparency in green financial development.

At the conference, participants discussed important issues related to the attraction of resources to support the implementation of green and sustainable development goals. In addition, the parties also provided information on the situation of resource mobilisation for Vietnam recently and related issues.

They focused on seeking specific solutions to unlock resources for green growth, creating confidence in international organisations and partners to mobilise resources for Vietnam to support the Government in fulfilling commitments at COP26.

At COP26 held in Glasgow, Scotland (the UK), in November last year, PM Pham Minh Chinh affirmed that Vietnam would capitalise on its advantages in renewable energy and take stronger measures to reduce greenhouse gas emissions.

Since COP26, Vietnam has been seriously and swiftly taking action to realise its commitments, as seen in establishing a national steering committee for implementing its pledges made at the conference, and the PM is head of this committee./.