HSBC Plegdes US$ 12 billion for Vietnam's Sustainable Development Projects
|At the signing ceremony on Feb. 15. Source: UK embassy in Hanoi|
British Cabinet Minister and President for the 26th United Nations Climate Change Conference (COP26), Alok Sharma on Feb. 15 has met with representatives from international companies to discuss the vast potential of renewable energy in the country and witnessed the HSBC Bank Vietnam's signing ceremony of the Letter of Intent for evaluating and providing financing solutions with a focus on sustainability with Trungnam Group.
“The increased mobilisation of private sector financing for green projects was a major success of November's COP26 summit. Today's agreement between HSBC and Trungnam Group unlocks US$12 billion of sustainable financing for Vietnam, showing the vital role that the private sector can play in enabling the green transition,” the COP26 President shared.
Sharma also urged Vietnam to take full advantage of international green financing, in order to realise the ambitious net-zero and clean energy pledges made by Prime Minister Pham Minh Chinh in Glasgow.
"I welcome the climate leadership Prime Minister Chinh demonstrated at COP26, which included a 2050 net zero commitment and the ‘Coal to clean power transition’ statement," the COP26 President stressed at the meeting with PM Chinh.
Chinh proposed Sharma, as the COP26 President, continue to promote cooperation between Vietnam and the UK as well as other development partners. This includes providing expertise, technology, capacity, and finance for Vietnam to fulfill its commitments and global initiatives on emission reduction and adaptation to climate change, contributing to sustainable development, and ensuring macroeconomic stability.
Sharma affirmed that the UK will continue to work with Vietnam in achieving its commitments, emphasising that the energy transition is the key to Vietnam's climate commitments. because 70% of Vietnam's emissions come from the energy sector.
The UK will also support Vietnam in putting forward a 2030 climate action plan that aligns with the 1.5 degrees goal.
At the meeting with Minister of Industry and Trade Nguyen Hong Dien, the COP26 President acknowledged the scale of the task to deliver the public investment needed for Vietnam to transition to clean energy, and the finance needed to provide dedicated support to Vietnam to support its ambitious climate commitments. This includes the potential for support through the ‘Clean Green Initiative’, which aims to help developing countries take advantage of green technology and grow their economies sustainably.
Sharma also highlighted the need to mobilize public and private financial resources to fulfill the commitment made at COP26 to invest in green infrastructure projects; encouraging Vietnam to actively take advantage of this resource.
|Alok Sharma, British Cabinet Minister and President for the 26th United Nations Climate Change Conference (COP26) and British Ambassador to Vietnam Gareth Ward on a Hanoi's electric bus. Source: Lao Dong newspaper|
During his visit to Vietnam from Feb. 13 to 15, COP26 President Alok Sharma took the time to visit the Temple of Literature (Van Mieu) – an iconic relic site in Hanoi.
The COP President got the chance to learn more about the first university of Vietnam as well as the historic architecture that houses the Drum Tower, Constellation of Literature Pavilion, and 82 doctoral steles that date back to the 15th century and which are recognised on UNESCO's Memory of the World Register.
He also experienced an electric bus ride in Hanoi, which are the products of VinBus Ecology Transport Services Limited Liability Company (VinBus), the transport services arm of conglomerate Vingroup.
The e-buses run on electric power, which discharges no emissions and makes minimal noise.
|Alok Sharma, British Cabinet Minister and President for the 26th United Nations Climate Change Conference (COP26) at Temple of Literature (Van Mieu). Source: UK embassy in Hanoi|
|Alok Sharma, British Cabinet Minister and President for the 26th United Nations Climate Change Conference (COP26) feeds the fish at Temple of Literature (Van Mieu). Source: UK embassy in Hanoi|
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