Climate investment opportunities in Vietnam to reach US$757bil by 2030

HANOI (Bernama-Xinhua): Vietnam's climate investment opportunities will reach up to US$757 billion by 2030, focusing on renewable energy, green construction, energy efficiency and transportation, reported Xinhua based on the latest statistics of the International Finance Corporation (IFC).

Vietnam's climate finance sector is still facing significant challenges in ensuring a strong alignment between major investment opportunities and environmental goals, Vietnam News Agency reported on Friday, citing Allen Forlemu, IFC's regional industry director for Financial Institutions Group, Asia and Pacific.

He proposed changing the way banks operate and transitioning to sustainability.

The IFC also recommended Vietnam focus on scaling green infrastructure, particularly green energy, green transport, energy efficiency and green buildings, and the transition from "brown" and heavy industries toward sustainable and low carbon pathways, exposing an enormous long-term funding gap.

State Bank of Vietnam Deputy Governor Pham Thanh Ha said the Vietnamese government is introducing a green finance classification system to promote and guide the expansion of sustainable investments, Vietnam News Agency reported.

Vietnam made the commitment 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. - Bernama-Xinhua