Measures sought to attract resources for green, sustainable development

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 for the implementation of green growth and sustainable development targets.

SBV Governor Nguyen Thi Hong said that climate change is posing risks and challenges to all economies in the world, requiring them to promptly design responce policies and scenarios.

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

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

The official said that over the years, 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 2030 through various activities, including the building of an action plan of 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 the 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.

According to Wee, Vietnam needs a close, reasonable and harmonious combination between socio-economic development and environmental protection.

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 as well as related issues.

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