In an interview granted to the Vietnam News Agency (VNA), Minister of Natural Resources and Environment Tran Hong Ha, who leads the Vietnamese delegation to the event, said Vietnam and other countries at the conference will work to perfect mechanisms and policies to mobilise resources from developed nations for the implementation of the commitments.
The resources should be allocated transparently and equally to developing and underdeveloped nations that are making efforts to cut greenhouse gas emissions and adapt to climate change, the minister noted.
He highlighted energy transition as a solution to climate change, on which Vietnam has set out a specific roadmap.
The Vietnamese government has issued a strategy on climate change and assigned specific tasks to ministries, agencies and localities, Ha added.
Vietnam is working hard to materialise the commitments using its internal resources as well as the support from the international community, especially through mechanisms of the COP26 agreement reached in the UK last year.
He said the Vietnamese delegation came to COP27 with three major task, one of which is to join other UNFCCC members to seek ways to realise the reached commitments and mechanisms, and raise new initiatives, mechanisms and policies to conduct energy transition firmly.
The second task is upholding Vietnam's pioneering role in energy transition, green transition and digital transformation, and the third one is to mobilise resources and learn from developed partners’ experience, and join more initiatives, especially those on financial mobilisation and energy transition.
The delegation is scheduled to carry out many bilateral activities with international organisations and businesses relating to energy transition, and hold meetings with big financial institutions like the World Bank.
He described COP27 as an opportunity for Vietnam to meet leading international organisations and financial institutions to discuss financial mechanisms and policies, and how to mobilise resources for Vietnam.
Within the framework of COP27, Vietnam will continue to hold discussions with partners from G7 and enlarged G7 over just energy transition for Vietnam and help for the country to utilise opportunities in preferential financing and technology transfer to fulfill its net-zero commitments.
According to the minister, Vietnam is engaging in negotiations regarding issues in which the country needs international support, such as financing and technical assistance to draft plans in energy transition and assess renewable energy potential.
Ha stressed that besides meeting domestic demand, renewable energy could help turn the country into an energy exporter in Southeast Asia, Asia and the world in the future.