Deputy Prime Minister Tran Hong Ha hosts a reception for Mary L. Schapiro, vice chairwoman of the Glasgow Financial Alliance for Net Zero. (Photo: VOV)

Mr. Ha said that Vietnam has energy transition projects such as enhancing the capacity of hydropower plants in combination with solar and wind power, developing biomass electricity, transitioning to green transportation, reducing methane emissions on 1 million hectares of rice fields, and producing 5,000 MW of rooftop solar power. However Vietnam hopes to receive more financial aid and technical support to implement these project more quickly, the Deputy PM said.

He suggested that GFANZ establish clear financial mechanisms regarding the responsibilities of stakeholders, including the Government, financial institutions, and businesses, for funding the renewable energy sector. These mechanisms should include specific commitments on finance and technical transfer from G7 countries and international partners within the Just Energy Transition Partnership (JETP).

Ms. Schapiro said GFANZ will allocate financial resources for research, innovation, and transferring technology in the renewable energy sector. She hopes to receive clear requests and proposals from Vietnam’s ministries and sectors regarding mechanisms for mobilizing funds in the international market for enterprises investing in smart grid development, renewable energy, fossil energy transition, and green fuel production from solar and offshore wind power.