Green project inc

The banking sector assumes a vital role in introducing innovative financial instruments and suitable investment methodologies to enable Vietnam to achieve its net-zero emissions goal by 2050. The banking sector, as a key capital mobilization channel for the economy, is responsible for  “greening” investment capital flows for Vietnam to ensure the goal of sustainable development. Overview of the conference. Source: SBV Vice Governor of the State Bank of Vietnam Pham Thanh Ha made the remarks at a conference themed “Greening the Financial Sector: Accelerating transition to a low-carbon economy in Vietnam” held today [September 21]. According to Ha, Vietnam has historically maintained very low greenhouse gas (GHG) emissions. In absolute terms, Vietnam's GHG emissions reached 364 million tons of carbon dioxide (CO2) in 2018, constituting a mere 0.8% of the world's total emissions. However, over the past two decades, the country has experienced the fastest … [Read more...] about Greening finance accelerates Vietnam’s SDG implementation

Speaking at the 2023 Vietnam Economic Forum on September 19, Thanh said, “To achieve a green economic transition and boost renewable energy, electricity prices must fully reflect production costs.” According to Thanh, there has been an influx of new energy sources, many of which are costlier than the current average electricity price. As a rough estimate, if the cost of renewable energy stands between 5-7 US cents per kWh, with the addition of transmission costs, the retail price should rise to 10-12 US cents per kWh. Currently, the average retail price hovers around 8.1 US cents per kWh. This suggests the need for an upward revision, taking the new production costs into consideration. "Naturally, the idea of raising electricity prices will receive pushback. However, without a clear roadmap for such price hikes, transitioning to renewable energy becomes unfeasible," Thanh said, adding, "Energy pricing needs to be more reflective of economic and societal costs. Such measures could … [Read more...] about Electricity prices must reflect production costs for green transition

Green-certified office buildings on the rise, Photo: Shutterstock Standard Chartered Bank Vietnam’s head office in Hanoi was the latest to be awarded LEED Gold certification at the beginning of September, demonstrating the bank’s commitment to sustainability and delivering the most environmentally conscious design. The bank has fulfilled the standards set by the LEED Green Building rating system of the US Green Building Council (USGBC). The verification includes a range of factors including energy efficiency, human health and wellbeing, water conservation, indoor environmental quality, sustainable and regenerative material cycles, and active community engagement. Michele Wee, CEO of Standard Chartered Bank (Vietnam), said that certification reflected the bank’s shared values and commitment to crafting spaces that excel in functionality while minimising ecological footprint. “Standard Chartered commits to continuing to drive sustainable economic growth, embrace responsible … [Read more...] about Green-certified office buildings on the rise

Attendees were keen to divulge their ideas on what is needed to fulfill Vietnam’s commitments, photo Le Toan Deputy Prime Minister Le Minh Khai said at the Ho Chi Minh City Economic Forum 2023 that green transformation and green growth may create many new opportunities but also require large resources for relevant technologies, efficiency, and to minimise production and waste treatment costs. Highly qualified human resources, both in terms of knowledge and skills, are also a key factor for businesses to implement green economic initiatives and solutions. “In addition to the role of banks and financial institutions, Vietnam needs the participation and cooperation of international financial organisations in mobilising green finance,” Khai said. The move towards renewable energy sources, green transportation, and a supply chain of green goods from production to consumption are creating many attractive cooperation opportunities for both domestic and foreign businesses, he … [Read more...] about Ho Chi Minh City urged to double down on green goals

What does the deal mean to your company and customers? Sébastien Prioux, CEO of GreenYellow Vietnam and Cambodia This transaction represents a significant milestone for GreenYellow and our partners. With more than 180MWp of solar projects in operation and construction, we are focusing on offering very competitive solar electricity to our clients thanks to our ability to finance our projects through aggressive conditions. This deal with the Asian Development Bank and other pool of lenders is an innovative competitive project financing mechanism combining both offshore loans and grants which also covers the lack of long-term VND funding at a fixed interest rate, and potential volatility of the VND-USD exchange rate. In the end, this will benefit to all our clients and partners. Vietnam aims for 50 per cent rooftop solar adoption in offices and residential buildings by 2030. How can the nation realise the target? Vietnam has a very ambitious strategy under the … [Read more...] about Green goals can be achieved with collective focus

Given the insufficient public finance for climate ambitions, credit institutions play an increasingly important role in supporting the country's move towards a net zero economy through promoting green financing and capital markets to tap climate investment opportunities. — VNA/VNS Photo Việt Nam needs to develop a proper regulatory framework to pave the way for credit institutions to increase green financing and contribute to accelerating the transition to a low-carbon economy, attendees heard at the Việt Nam Climate Forum organised by the International Finance Corporation (IFC) in collaboration with the State Bank of Việt Nam (SBV) yesterday in Hà Nội. At COP26 in November 2021, Việt Nam announced the target to achieve net-zero emissions by 2050, phase out coal power by 2040, and reduce methane emissions by 30 per cent from 2020 levels by 2030. The Government of Việt Nam has introduced several policies, strategies, and plans to support environmentally sustainable development, … [Read more...] about VN needs to improve regulatory framework to increase green financing

Vietnam’s JETP plan must cover energy efficiency, storage, and more, photo Le Toan European Investment Bank (EIB) vice president Kris Peeters told VIR when he visited Vietnam last week that the non-profit credit institution and lending arm of the EU is eager to meet with partners in Vietnam to provide more green loans for environmentally friendly projects in various sectors from transport, water treatment, and smart urban development to renewable energy and infrastructure. “We have been providing loans for seven projects in Vietnam with total loans of €561 million ($602.8 million), and we hope the figure will double in the coming time,” Peeters said. Last year, the EIB invested over €70 billion ($75.2 billion) in many green projects worldwide. “We want to increase our investment portfolio and Vietnam is also on our priority list, as the country’s economy is going green, meaning the growing need for relevant projects in many sectors,” Peeters said. “Vietnam is an important … [Read more...] about Development banks extend role in green-related loans

Tra Vinh is doing its utmost to deploy initiatives across a range of green areas, Photo: Nguyen Chau Last year, Tra Vinh topped the country’s Provincial Green Index (PGI) following its launch by the Vietnam Chamber of Commerce and Industry. Since that time, the locality’s steering committee focused on admin reform, provincial competitiveness, and digital transformation has come up with a comprehensive suite of measures, along with enacting an action plan and calling on local management agencies at all levels to join forces. According to Tra Vinh Department of Planning and Investment, in the first eight months of this year, the province granted business registration to 365 units, reaching 70 per cent of full-year projection. It pushed the total number of businesses in the province to more than 4,540 with as much as $2.64 billion in total registered capital, employing nearly 93,000 labourers, including 44 foreign-invested enterprises. In respect to business development, Tra … [Read more...] about Tra Vinh proactive in green development

The German Embassy in Vietnam hosted a pivotal seminar on September 20 on the just energy transition and opportunities in Vietnam's labour market. The discussion centred on the potential for green jobs in the wake of Vietnam's evolving energy landscape. Speaking at the event, German Ambassador to Vietnam Dr. Guido Hildner drew attention to the nation's ambitious goal of achieving carbon neutrality by 2050. Coupled with its commitment to a just energy transition, this opens vast opportunities for sustainable development and promises a robust influx of high-quality job opportunities for the future. Reflecting on his home country's experience, Ambassador Hildner stated, "In Germany, the number of employees working in skilled green sectors saw a surge of 56.7 per cent, rising to 5 million between 2012 and 2020. This underscores that while the energy transition is a complex and demanding journey, it has immense potential to benefit citizens and the economy at large." Recent policies … [Read more...] about Vietnam eyes green jobs amidst energy transition: Insights from German experience

How much will Japan work with Vietnam and ASEAN to help with the energy transition? Kinoshita Tadahiro, director general of Sojitz Vietnam and president of the Japanese Chamber of Commerce and Industry in Vietnam We highly appreciate the government and related ministries for the national green growth strategy, as well as the action plan on green energy transition and reducing carbon and methane emissions of the transportation sector. Completing the legal framework is an important factor to achieving this goal. In the context of increasing energy demand in Asian countries, the Japanese government is ready to cooperate with ASEAN countries in the energy transition process by providing more financial and technical support for testing and applying emission-reduction technologies. Accordingly, Japanese businesses wish to contribute to an effective energy transition in Vietnam by increasing private investment and applying deflation technologies, aiming to achieve … [Read more...] about Green-focused businesses ready for cooperation