Vietnam And Egypt Exchange Experiences in Attracting Green Finance

Ambassador Nguyen Huy Dung and speakers at the workshop on green growth and climate diplomacy in the context of economic recovery.

Within the framework of activities commemorating the 60th anniversary of diplomatic relations between Vietnam and Egypt (1963-2023), the Vietnam Embassy in Egypt on October 31 held a hybrid workshop to exchange experience in attracting green finance between the two nations.

Speaking at the workshop, Vietnamese Ambassador to Egypt Nguyen Huy Dung emphasized that climate change is a global challenge, affecting all countries in the world.

Developing countries, in particular, are more vulnerable to the impacts of climate change, as countries have fewer resources to cope with the risks.

According to the Ambassador, the impact of climate change on the Vietnamese economy is huge, causing a loss of about 3.2% of the Gross Domestic Product (GDP) in 2020.

In Egypt, climate change is increasing water insecurity and causing heat waves and desertification, affecting biodiversity and threatening food security.

By 2060, the combined impact of climate change on water supplies, agriculture, air quality, and tourism could cost around 2-6% of GDP in Egypt.

The Ambassador said that the Governments of Vietnam and Egypt paid great attention to promoting green growth.

They see this as a path of sustainable development, in the context of the global economy gradually recovering after the COVID-19 pandemic and unexpected developments in international relations that could affect the world.

The diplomat briefed participants on Vietnam's national green growth strategy for 2011-2020 with a vision for 2050, adding that the country committed at COP26 to achieve net-zero emissions by 2050.

To ensure sustainable development and green growth, Vietnam is determined to promote the widespread application of clean production, improving the efficiency of natural resource use, while reducing emissions and limiting pollution.

Vietnam protects environmental quality, and human health, and ensures sustainable development, building a civilized, harmonious, and environmentally friendly consumer culture.

Delegates at the conference. Photo: WVR

Egypt is also implementing key steps in its climate policy, including the 2050 National Climate Change Strategy and Nationally Determined Contributions (NDC).

Egypt's National Climate Change Strategy provides a comprehensive legal framework to advance climate action through 2050, with the goal of mitigation and adaptation as well as overcoming administrative, financial, technological, and cognitive constraints.

Dung said to fulfill and meet their commitments to sustainability, Vietnam and Egypt must leverage climate diplomacy serving the attraction of green financial resources.

For his part, Ambassador Rao'f Saad, advisor to the Egyptian Minister of Environment, highlighted the crucial role of climate diplomacy in mobilizing funds for green projects.

He said that Vietnam and Egypt have a golden opportunity to initiate a new phase in their bilateral relations by enhancing climate diplomacy and strengthening cooperation in technology research and transfer for mutual benefits.

At the conference, speakers highlighted the theoretical and practical aspects of climate diplomacy.

They stressed the importance of collaboration in developing domestic technologies to reduce dependence on those from developed nations and promote green growth and technology self-sufficiency.

Speakers also discussed cooperation in the fields of banking, finance, and startups to ensure that the Vietnamese and Egyptian economies successfully implement their green growth policies.

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