Vietnam wants World Bank to play important role in energy transformation

CAIRO, Nov 11 (Bernama): Vietnam wants World Bank to play an important role in energy transformation and continue with its initiatives using financial resources related to climate change effectively.

Speaking highly of World Bank's cooperation model in technical support packages and projects, Minister of Natural Resources and Environment Tran Hong Ha said the international financial institution has assisted Vietnam with digital and energy transformation and poverty reduction, among others.

"Vietnam has made necessary changes to connect and unite with countries in the process of implementing World Bank-financed projects," he said when speaking at an event on reducing greenhouse gas emissions in response to climate change held by the World Bank Group (WBG) on Tuesday.

The event was organised on the sidelines of the 27th United Nations Climate Change Conference of Parties (COP27) in the city of Sharm El-Sheikh in Egypt, reported Vietnam News Agency.

At the event, the Vietnamese minister introduced Vietnam projects, solutions and roadmaps to deliver on climate change commitments with the World Bank.

He spoke highly of World Bank initiatives as the world is speeding up the digital transformation process, while suggesting the international financial institution continue helping countries access funds and issue a priority strategy for the next period.

Meanwhile, World Bank President David Malpass said Vietnam's projects have proven effective, and that the relationship between the World Bank and Vietnam in transformation projects is a model for other countries.

"The World Bank will continue to partner with Vietnam, particularly in climate change response," he said.

Malpass also called on sponsors, the international community and the business community to set up climate-related trust funds.

"Countries need to accelerate efforts to counter the fallout of climate change and speed up projects to reduce greenhouse gas emissions," he said. - Bernama