PM attends COP28, witnesses cooperation documents for Việt Nam’s green development

Prime Minister Phạm Minh Chính takes a group photo with leaders and representatives of countries attending the 28th United Nations Climate Change Conference (COP28) in Dubai, United Arab Emirates (UAE). VNA/VNS Photo

DUBAI – Prime Minister Phạm Minh Chính urged organisations and businesses to establish new visions, adopt new thinking, new determination, and more resolute actions to accompany the Vietnamese Government in achieving goals to address climate change.

He made the remarks while co-chairing the event on mobilising finance to implement Việt Nam’s commitment to climate change with Bill Winters, the Group Chief Executive of Standard Chartered PLC, on Friday. This activity is within the framework of the 28th United Nations climate change conference (COP28) in Dubai, United Arab Emirates (UAE).

On this occasion, PM Chính, along with representatives from Vietnamese ministries, sectors, and international organisations, witnessed the signing of nine cooperation documents between ministries, agencies, organisations and businesses in supporting Việt Nam’s green development.

Speaking at the event, PM Chính stated that despite being a developing country facing many difficulties, Việt Nam, in accordance with the COP26 conference commitments, has established the Just Energy Transition Partnership (JETP) with international partners, aiming for actions to implement the green transition.

Việt Nam has been developing several significant projects, including developing renewable energy industry, building a renewable energy industrial ecosystem, implementing climate change mitigation strategies, transitioning to green transportation, low-emission emissions, developing one million hectares of high-quality rice with low emissions, and implementing the JETP plan.

The PM urged international organisations, partners, international financial institutions, and global financial corporations to continue to closely coordinate with and support Việt Nam in improving institutions, financial sources, technology, management experience and human resources to help the country transition to green energy and achieve net-zero emissions by 2050.

Bill Winters stated that Standard Chartered Bank will enhance cooperation activities, supporting Việt Nam in mobilising capital, attracting green finance and promoting green growth aligned with the implementation of COP26 commitments.

Additionally, it aims to contribute to the establishment of green capital markets and carbon credit markets in Việt Nam.

Especially, Standard Chartered Vietnam and SOVICO Group signed a strategic cooperation agreement focusing on advising and implementing Environmental, Social and Governance (ESG) initiatives, sustainable products, and services for green projects meeting the standards.

Both parties agreed to discuss Standard Chartered Vietnam providing ESG implementation advice to SOVICO Group, as well as arranging and mobilising funds with a total amount of up to US$2 billion for green projects that complied with the bank’s Sustainable Finance Framework.

This collaboration programme will increase resources and bring benefits to both parties in pioneering the realisation of climate finance goals and sustainable development in line with the spirit of COP28 and the consistent directions of the Vietnamese Government in building a green economy, circular economy, and proactively responding to climate change.

On the same day, PM Chính led the high-level Vietnamese delegation to attend the opening ceremony of the World Climate Action Summit within the framework of the 28th United Nations climate change conference (COP28).

The summit was attended by leaders and representatives of 197 parties to the convention, including over 140 heads of state and government, the Secretary-General of the United Nations (UN), as well as leaders of numerous international organisations, major international financial institutions, multinational corporations and non-governmental organisations. – VNS