Governments need to further facilitate private sector's engagement in renewable energy

Tran made the above statement in Paris on Friday at the Summit for a New Global Financial Pact's session on mobilizing financial resources from private sector.

He emphasized the need to formulate transparent standards and legal framework and innovate financial cooperation models between governments and private sector.

Private sector's financial resource should be mobilized to develop green finance market, support technological development and transfer, implement strategic projects, renewable energy production, and smart power transmission among others, the Deputy Prime Minister suggested.

Public investment capital should be used to lead and boost private sector's investment in green growth and renewable energy projects, Tran said.

He stressed the need to strengthen the capacity of private sector and relevant stakesholders, especially in developing countries in order to formulate and carry out roadmap for equitable and substantial green transition.

Viet Nam is stepping up green transition, digital transformation, and development of knowledge economy, circular economy, and emission reduction towards achieving the goal of net-zero emissions by 2050, said Tran.

From that perspective, the nation has focused on designing an institutional framework in favor of green growth, digital transformation, and energy transition in accordance with the 8^th National Power Development Plan approved by the Government last month.

He called on the international community to continue cooperation with Viet Nam in infrastructure development, green, climate change adaptation, sustainable water use projects.

Tran expressed his belief that the international community would overcome climate and environmental crisis should we be united and able to engage all stakesholders.

On the sidelines of the summit, Deputy Prime Minister Tran met with French Minister for Energy Transition Agnes Pannier Runacher who affirmed that her country wishes to strengthen cooperation with Viet Nam, particularly in renewable energy and nuclear development.

Tran asked France to continue support for Viet Nam through the Just Energy Transition Partnership (JETP) – an agreement between developed and developing countries in which the former provides funding for the latter to transition to green energy.

Both sides agreed to continue close coordination to contribute to the success of the 28^th Conference of the parties to the United Nations Framework Convention on Climate Change (COP28) scheduled to take place in November this year in Dubai, the United Arab Emirates./.