Completing a financial policy framework for cutting greenhouse gas emissions
According to the World Bank, in order to respond to climate change and reach net-zero emissions targets by 2050, Vietnam may require up to $368 billion in the 2022-2040 period, while the State budget can meet just 30 per cent. This confirms the importance of the financial market as a capital mobilization channel helping achieve climate goals. It also opens up opportunities for both the private and financial sectors. However, the scale of Vietnam’s financial market is still modest compared to other countries in the ASEAN region and is still at the beginning of its development. The business community plays an important role in realizing the goal of bringing net emissions to zero in response to climate change and sustainable development. For businesses to make a stronger green transformation, it is necessary to secure the cooperation and companionship of financial institutions and investments through green financial tools.