There will be environmental criteria and confirmation for projects granted green credit

Illustration.

The Prime Minister has just issued Directive No. 44/CT-TTg dated December 9, 2024, on implementing a number of key tasks and solutions to promote the implementation of the National Strategy on Green Growth for the period 2021-2030, with a vision to 2050.

INTEGRATING GREEN GROWTH INTO STRATEGIES, PROJECTS, AND PLANNING OF SECTORS AND FIELDS

In recent times, Vietnam's green growth process has achieved many important results. However, green growth has not really become a driving force for economic growth due to some limitations and challenges in the implementation process.

Some goals, tasks and solutions for green growth have not been timely integrated into socio-economic development plans and public investment plans, leading to a lack of synchronization and lack of resources for implementation in ministries, branches and localities;

The institutional framework and policies for investment in green growth are still scattered, green financial instruments are not yet complete, there is a lack of preferential policies and incentives for breakthrough investment in green growth, leading to a lack of a favorable environment for accessing, mobilizing, attracting and receiving resources for green growth.

In order to promote green growth, towards the goal of net zero emissions by 2050, the Prime Minister requests Ministers, Heads of ministerial-level agencies, Government agencies, Chairmen of People's Committees of provinces and centrally run cities to focus on directing and organizing the serious, complete and timely implementation of the tasks assigned in the Green Growth Strategy and the Green Growth Action Plan.

In particular, Ministers, Heads of ministerial-level agencies, Government agencies, Chairmen of People's Committees of provinces and centrally-run cities promptly incorporate and integrate green growth goals and tasks into strategies, projects, planning, plans and legal documents of sectors and fields expected to be issued in the coming time; Review and evaluate the potential of new sectors and fields in green growth.

Accelerating the implementation of programs, projects, and pilot schemes of new models associated with green growth; promoting communication, education, and raise awareness of the role, significance, and benefits of green growth for people and the business community; strengthening and improve the effectiveness of coordination and information sharing among ministries, branches, and localities in the process of implementing green growth.

The Directive requires the Ministry of Planning and Investment to develop a mechanism for monitoring, evaluating, and reporting on the implementation of the Green Growth Strategy; develop a roadmap for realizing green growth associated with socio-economic development with a long-term vision towards the goal of carbon neutrality.

Institutionalizing and supervising the adjustment, supplementation, and application of new policies, models, and economic tools to promote economic restructuring associated with innovation of the growth model towards greenness, sustainability, ensuring equality and competitiveness, and promoting the important role of the private sector in green transformation.

Strengthening advocacy and mobilizing all resources for green growth; amending and supplementing legal documents on public investment in the direction of prioritizing state budget capital for green growth; developing investment incentive mechanisms to promote green growth, mechanisms to support green pilot projects in Vietnam; synthesizing the list of green pilot projects, the list of key green tasks and projects in each period.

PROMOTING GREEN CREDIT PROVISION, FOCUSING CAPITAL FOR GREEN ECONOMIC SECTORS AND GREEN PROJECTS

The Prime Minister requested the Ministry of Finance to review, amend and supplement policies on management and use of state budget expenditures to promote green growth; developing and perfecting preferential financial policies to encourage investment in green projects; urgently completing the Project on establishing and developing a carbon market in Vietnam.

The State Bank continues to review, adjust and perfect banking and credit institutions in line with green growth goals, especially green credit and green banking; develop solutions to concentrate resources for green credit, preferential credit policies for green projects; direct credit institutions to promote green credit, focus capital on green economic sectors, green projects, and environmentally friendly projects.

The Ministry of Industry and Trade restructures and upgrades industries based on innovation and application of science and technology; increases investment attraction to develop green industries such as renewable energy, hydrogen, electric vehicles, charging infrastructure, etc.; completes and effectively implements the Plan to implement the Declaration on the transition of coal power to clean energy; commits to global renewable energy and energy efficiency targets; promotes research and implementation of solutions to adapt to the Carbon Border Adjustment Mechanism (CBAM).

The Ministry of Natural Resources and Environment strengthens resource management, environmental protection, nature conservation and biodiversity, adaptation to climate change, improves capacity for monitoring, forecasting and warning of natural disasters; prioritizes resource allocation, accelerates implementation of key projects on climate change response, natural disaster prevention and control, etc.

In addition, completes mechanisms and policies on carbon credit exchange and offset; Promulgate environmental criteria and certify projects granted green credit, issue green bonds; complete the national green criteria set as a basis for identifying and classifying economic activities; complete regulations, policies, guidelines on technical standards and norms to accelerate the implementation of circular economy.

The Ministry of Construction develops and completes institutions, policies and tools for monitoring and evaluating the development of green, smart, climate-resilient urban areas, green construction works, public infrastructure and environmentally friendly means of transport; produce and use low-carbon construction materials; use new energy sources and clean energy.

Along with that, complete the National Technical Regulations on technical infrastructure works, focusing on the content on climate change response, emission reduction (water supply, drainage, solid waste treatment, lighting, energy supply, etc.).

The Ministry of Agriculture and Rural Development is required to continue to promote the restructuring of the agricultural sector, encourage the development of green, organic, circular, high-tech agriculture, environmental protection, emission reduction and climate change adaptation; complete agricultural and rural infrastructure to adapt to climate change.

Focus on effectively implementing the Project "Sustainable development of one million hectares of high-quality and low-emission rice cultivation associated with green growth in the Mekong Delta by 2030".

The Ministry of Foreign Affairs advises on establishing cooperation frameworks on green economy, promoting "economic diplomacy", "technology diplomacy", "climate diplomacy", technology cooperation, mobilizing financial resources for green growth and green transformation; Proactively participate and make positive contributions to international cooperation frameworks and initiatives on green growth and sustainable development to enhance Vietnam's international role and image, facilitate the mobilization of international resources, and create conditions for Vietnamese enterprises to participate in global green supply chains.

The Ministry of Information and Communications shall promote information, propaganda, and mobilization of people, enterprises, manufacturers, organizations, and individuals throughout society to change awareness, production and consumption behaviors, and green lifestyles; promote digital transformation to serve green growth; integrate green growth into synchronous infrastructure investment programs and plans in digital transformation.

The Ministry of Transport shall perfect the policy mechanism to encourage the use of green vehicles and green energy (including hydrogen fuel for green vehicles, equipment, and transport infrastructure)./.