Deputy Prime Minister Trần Hồng Hà speaks at the Summit for a New Global Financing Pact in Paris on Thursday. VNA/VNS Photo

PARIS — Deputy Prime Minister Trần Hồng Hà called on more efforts from governments to encourage the private sector to invest in renewable energy.

He was speaking at a debate in the framework of the Summit for a New Global Financing Pact in Paris on Thursday.

Hà said the profit potential and interest of the private sector in renewable energy was high and governments needed to further facilitate the participation of this sector by ensuring consistency, and synchronisation in strategies and plans to mobilise investments.

He said it was necessary to build standards, complete a stable and transparent legal corridor, and renew the financial cooperation model between the government and the private sector. 

The Deputy PM stressed the importance of innovating the method of raising capital from the private sector, developing green financial markets, exchanging carbon credits, supporting technology development and transfer, implementing strategic projects such as renewable energy and hydrogen production and smart power transmission.

He also believes public investment capital from the government should play the leading role in promoting private investment, and support costs during the investment, product consumption, loan guarantee, and risk reduction for the private sector in green growth and renewable energy projects.

It was necessary to strengthen the capacity of the private sector and stakeholders, especially developing countries, to build and implement a green transition roadmap that is equitable, diverse, highly practical and conforming to market rules, said Hà.

The Deputy PM told participants that Việt Nam was accelerating green transformation and digital transformation, developing the knowledge-based economy and circular economy, and striving for the goal of "zero" emissions by 2050.

He thanked partners for their help and expressed his hope to continue receiving effective cooperation in infrastructure projects, green projects, climate change adaptation, and sustainable use of water resources.

He said he believed that the world would overcome the climate and environmental crisis if countries unite and mobilise the participation of all parties, especially the private sector, thereby helping build a sustainable and prosperous future for all people.

The Vietnamese representative’s opinions and suggestions were appreciated by participating delegates, who noted that Việt Nam's participation in the Fair Energy Transition Partnership (JETP) and its efforts in mobilising financial resources from both the public and private sectors to achieve energy transition were of great significance, creating new impetus for economic growth. US Secretary of the Treasury Janet Yellen highlighted the potential in implementing cooperation projects with Việt Nam and Indonesia in the field of energy transition.

Within the framework of the summit, Deputy PM Hà had a meeting with French Minister for Energy Transition Agnes Pannier Runacher, who affirmed that France wished to strengthen cooperation with Việt Nam, especially in renewable energy and nuclear energy development.

Hà proposed France continue supporting Việt Nam in the process of implementing the political declaration establishing the JETP as well as in the transfer of green technology, and connect businesses in renewable energy and green energy. The two sides agreed to continue working together to contribute to the common success of the upcoming 28th UN Climate Change Conference (COP28) to be held in November in Dubai. — VNS