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SHIFT: A CONCERTED EFFORT TO SPEED UP SUSTAINABLE FINANCE FOR A GREEN TRANSFORMATION IN VIET NAM

Viet Nam has declared its pledge of achieving net-zero emissions by 2050 and signed a Just Energy Transition Partnership (JETP) with the G7 countries, Norway, and Denmark, committing to accelerate its climate mitigation efforts in exchange for substantial international financial support. This calls for comprehensive market and regulatory reform to facilitate and accelerate relevant investment to achieve a rapid and radical green transformation.

In support of these endeavors, a consortium of six partners is intending to join forces to implement the ‘Shifting Investment Flows Towards Green Transformation (SHIFT)’ project in Viet Nam, enhancing know-how and capacities of relevant public and private stakeholders in the areas of green finance and energy transition. The consortium consists of Agora Energiewende, the Banking Academy of Viet Nam (BAV), the International Finance Cooperation (IFC), SNV Netherlands Development Organisation Viet Nam, the United Nations Development Programme (UNDP) and the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) as the consortium lead.

SHIFT will focus until mid-2028 on the implementation of green policy and investment frameworks for enhanced climate action in Viet Nam, especially in the energy, mainstreaming gender equality. The project will address both supply and demand aspects of green investment, creating a positive feedback loop that will drive the transition towards a green, low-carbon and climate friendly economy. The project has four areas of activities:

  • Encouraging policies for green investment from both the public and private sectors, such as the development of related financial instruments;
  • Strengthening current regulation and legal frameworks to foster energy transition, including to de-risk investments;
  • Promoting the capacity of financial institutions to finance green initiatives, like the provision of technical knowledge, tools and internationally accepted good practices;
  • Attracting private sector interest, particularly women-led enterprises, or those with a proven approach to promote gender equality and enhancing their capacity to stimulate green investments. Designing and implementing replicable pilot investment projects in renewable energy, energy efficiency, or other energy transition technologies to significantly reduce GHG emissions. Accelerating and enabling the scale-up and replication of piloted as well as other energy transition technologies by strengthening the capacity of public and private stakeholders and integrating energy transition technologies in enterprises’ business strategies and investment portfolios. Utilising results and lessons learned to inform policy development and revision.

The project is funded by the German Federal Ministry for Economic Affairs and Climate Action (BMWK) as part of the International Climate Initiative (IKI). SHIFT aims at fostering the cooperation and collaboration among the project’s lead political partner (Ministry of Planning and Investment (MPI)), the main financial market regulators, i.e. the Ministry of Finance (MoF), the State Bank of Viet Nam (SBV), as well as the main energy sector policy maker, the Ministry of Industry and Trade (MoIT).

If you want to know more about the project, please visit: SHIFT – Shifting Investment Flows Towards Green Transformation | Internationale Klimaschutzinitiative (IKI) (international-climate-initiative.com)

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Thorsten Schäfer-Gümbel (Chair)
Ingrid-Gabriela Hoven (Vice-Chair)
Anna Sophie Herken

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In charge of this newsletter:
Daniel Herrmann, IKI.vietnam@giz.de
IKI Interface Vietnam
GIZ Office Vietnam
Project “Support to Vietnam for the Implementation of the Paris Agreement II” (VN-SIPA II)

Editor: Tran Xuan Quynh

Photo Credits:
tuoitre, pixabay

The IKI Vietnam Newsletter is administered by the IKI interface in Vietnam hosted by GIZ. It informs regularly about news of climate change and biodiversity projects in Vietnam financed by the International Climate Initiative (IKI). The International Climate Initiative (IKI) is an important part of the German government’s international climate finance commitment. Since 2022 the IKI is implemented by the Federal Ministry for Economic Affairs and Climate Action (BMWK) in close cooperation with the Federal Ministry for the Environment, Nature Conservation, Nuclear Safety and Consumer Protection (BMUV) and the Federal Foreign Office (AA).

https://www.international-climate-initiative.com/

IKI Independent Complaint Mechanism (IKI ICM)

Any person who is (potentially) negatively affected by an IKI project, can file a complaint via the IKI Independent Complaint Mechanism (ICM). 

It works to enable people who suffer (potential) negative social and/or environmental consequences from IKI project. ​

  • Any person or a group of persons, or a community that has been or may be affected negatively by an IKI project may file a complaint.​
  • Persons wishing to do so can report integrity and/or corruption issues, such as misuse of funds, fraud etc.​
  • If persons experience reprisals in relation to an IKI project or a complaint, they can also use the mechanism. The affected person(s) can authorise a representative to file and pursue the complaint on their behalf.​

To find more information or to file a complaint go to:​

https://www.international-climate-initiative.com/PAGE396-1

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