PROJECT DESCRIPTION
Viet Nam, a fast-growing middle-income country aiming to achieve high-income status by 2045, faces significant investment needs to meet its climate goals. According to the World Bank, around $368 billion will be required for Viet Nam to reach net-zero emissions by 2050. Additionally, the Ministry of Industry and Trade (MOIT) estimated in 2020 that $134.7 billion is needed by 2030 to fund new power projects and avoid energy shortages. Achieving these targets will require Viet Nam to strengthen its capacity for coordinating economic policy reforms, mobilizing public investments, and shifting toward a greener economic model. In support of its climate commitments, Viet Nam has pledged to reach net-zero emissions by 2050 and joined the Just Energy Transition Partnership (JETP) with the G7, Norway, and Denmark, which provides substantial international financial support in exchange for accelerated mitigation efforts. This transformation demands comprehensive regulatory and market reforms to enable rapid and large-scale green investments.
To support these efforts, six partners have come together to implement the ‘Shifting Investment Flows Towards Green Transformation (SHIFT)’ project in Viet Nam. Led by GIZ, the consortium includes Agora Energiewende/SEFEP, the Banking Academy of Viet Nam, the International Finance Corporation (IFC), SNV Netherlands Development Organisation Viet Nam, and the United Nations Development Programme (UNDP). The project aims to strengthen the capacity of public and private stakeholders in green finance and the energy transition.
Within this initiative, UNDP is responsible for designing and implementing two key work packages, with a total allocation of €3 million out of the project’s €15 million budget. The first work package focuses on developing replicable investment projects in energy transition technologies to significantly reduce greenhouse gas emissions in selected regions. The second aims to catalyze readiness for scaling up green technologies and enterprises, particularly those led by women or with strong gender-equality commitments.
ADDITIONAL INFORMATION
For more information https//open.undp.org/projects/01003048