Environment

IFC: Climate investment opportunities in Vietnam to amount to 757 billion USD by 2030

The International Finance Corporation (IFC) estimates that Vietnam's climate investment opportunities will reach up to 757 billion USD by 2030, focusing on renewable energy, green construction, energy efficiency and transportation, said IFC's Regional Director for the Asia-Pacific Financial Institutions Group Allen Forlemu.
IFC: Climate investment opportunities in Vietnam to amount to 757 billion USD by 2030 ảnh 1At the seminar co-hosted by the IFC and the State Bank of Vietnam (Photo: VNA)

Hanoi (VNA) – The InternationalFinance Corporation (IFC) estimates that Vietnam's climate investment opportunitieswill reach up to 757 billion USD by 2030, focusing on renewable energy, green construction,energy efficiency and transportation, said IFC's Regional Director for the Asia-PacificFinancial Institutions Group Allen Forlemu.

During a seminar co-hostedby the IFC and the State Bank of Vietnam (SBV) in Hanoi on September 21, Forlemu said changing the way banks operate andtransitioning towards sustainability is absolutely essential.

According to him, climate change response is the cornerstoneof the World Bank Group's strategic approach. IFC works with financialinstitutions, banks, businesses, and other development partners to providefinancing for critical investment needs in climate change adaptation andmitigation. These essential funding efforts aim to promote a more sustainableglobal economy in the face of the impacts of climate change.

Delegates at the event shared global experience insupporting the transition to green banking, with a particular focus on theimportance and opportunities for Vietnam.

SBV Deputy Governor PhamThanh Ha said the Vietnamese Government has issued various policies,strategies, and plans, including the Vietnam Green Growth Strategy (VGGS),related action plans, the National Determined Contributions (NDCs) and Vietnam’sSustainable Development Goals (VSDGs), which are paving the way for sustainablegreen growth in Vietnam.

IFC: Climate investment opportunities in Vietnam to amount to 757 billion USD by 2030 ảnh 2Illustrative image (Photo: Internet)

To achieve the new climate goals, he said Vietnam needs tofocus on expanding green infrastructure, especially in areas such as green energy,green transportation, energy efficiency, and green construction. It should also shift from heavy and "brown" industries to a low-carbon andsustainable emissions pathway. However, this transition poses a challenge dueto the current shortage of long-term funding sources.

According to him, theVietnamese Government is in the process of introducing a green financeclassification system to promote and guide the expansion of sustainableinvestments./.

VNA
#International Finance Corporation#IFC#Vietnamplus#Vietnam News Agency#IFC's Regional Director for the Asia-Pacific Financial Institutions Group Allen Forlemu#climate change response
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