PM Chinh addresses G7 expanded Summit’s 2nd session

Prime Minister Pham Minh Chinh on May 20 emphasised the importance of a global approach, multilateralism, self-reliance of every country, and extensive international cooperation to realise sustainable development, climate change responses, emission reduction, and energy transition.

Attending the second session of the expanded Summit of the Group of Seven (G7) in Hiroshima, Japan, he raised Vietnam’s point of view on ensuring fairness and reasonableness, taking into account the different conditions and levels between countries; ensuring a strategic balance between clean energy transition and global energy security; and developing fair, diversified, highly practical energy transition roadmaps in line with market rules.

Chinh emphasised that human resources, science, technology, and innovation are the central driving force for the sustainable development of all countries, the key to solving the issue of ensuring both rapid and sustainable growth.

He proposed G7 countries and international organisations to strengthen support for developing countries in technology transfer, capacity building in institutions, infrastructure, human resources, governance methods, and building an ecosystem for clean energy development.

PM Chinh said that the effective mobilisation and use of resources is the key factor for sustainable development. G7 countries should prioritise the timely and effective implementation of financial commitments for development, meeting the urgent requirements of debt relief, relaxation, and restructuring for poor countries.

The Vietnamese PM suggested that it is necessary to take a creative approach to mobilising diverse financial sources, focusing on public-private partnership (PPP), mixed-finance associated with the participation of the private sector, and foreign investment.

As for Vietnam, he affirmed the country’s determination to achieve the goal of bringing net emissions to zero by 2050 even though Vietnam is still a developing country in transition and experiencing difficulties due to wars.

PM Chinh emphasised his support for Japan’s initiative - Asia Zero Emission Community (AZEC) and suggested that G7 countries and partners continue to accompany Vietnam in implementing the agreement on Just Energy Transition Partnership (JETP); and contribute to help Vietnam promote its potential and advantages, become a regional renewable energy centre, deeply participate in supporting industrial production chains in clean energy and circular economy.

He also announced Vietnam’s National Power Development Plan for the period 2021-2030 with a vision to 2050, with priority to renewable energy development.

Chinh said he hopes Vietnam will continue to receive support and effective cooperation in the management and sustainable use of water resources, improving capacity to respond to climate change and sea level rise, especially in its Mekong Delta, as well as supporting the sustainable development of the Mekong Sub-region.

At the meeting, many leaders agreed with Vietnam on the importance of international solidarity and cooperation in responding to global challenges, emphasising the need to quickly make up the shortfall in finance for climate change adaptation. They also supported Vietnam’s view on balancing the implementation of the net zero emissions target with ensuring energy security.

Many countries emphasise that the energy transition can be carried out with many different routes, suitable to the circumstances and conditions of each country. G7 countries affirmed their determination to implement new initiatives such as JETP, Green Climate Fund, and  Global Infrastructure and Investment Partnership (PGII).

Developing countries proposed to promote cooperation in technology transfer, concessional financing, technical assistance, and implementation of the commitment of 100 billion USD for climate finance of developed countries.

Many countries also suggested promoting diversification of the supply chain, ensuring the supply of essentials for clean energy development.

Within the framework of the session, PM Chinh attended the event on the PGII Initiative – an important initiative of the G7 group in promoting high-quality infrastructure investment in developing countries through the public finance mobilisation and the public-private partnership.