Experts share their global experience in developing the green bond market

In a report he released in June titled “Green Bonds Make More Dimes?” The Global Green Growth Institute (GGGI) analyzed key trends in global green bond markets and experiences Vietnam could use to develop its market. GGGI is a Seoul-based intergovernmental organization that aims to promote strong and inclusive green growth in developing and emerging countries.

The report was prepared as part of the collaboration between GGGI and the Ministry of Finance and Government of Luxembourg under the Viet Nam Green Bond Readiness Program.

Dr André Weidenhaupt (Director General, Ministry of Environment, Climate and Sustainable Development, Government of Luxembourg) welcomed the commitment of the Government of Vietnam to climate actions and green finance. Photo by GGGI.

During a webinar organized to launch the report, Dr André Weidenhaupt, Director General of the Ministry of the Environment, Climate and Sustainable Development of Luxembourg, underlined the close collaboration between Luxembourg and Vietnam in climate actions .

Hanh Le, National Representative of Vietnam (until June 2021), GGGI, stressed that in the context of the post-Covid recovery, countries are urged to “build back better” to create a more inclusive and sustainable economy, resilient to the climate change. “The development of the green bond market would facilitate long-term market-based financing for infrastructure projects in green sectors such as renewable energy, waste, circular economy and other relevant sectors, which could not be fully satisfied with traditional financial products, ”she said. mentionned.

The report, highlighting international practices in developing green bond markets in Southeast Asia, Central Asia and Europe, suggested a wide range of policy recommendations for Vietnam.

“The report is released at the right time to strengthen the development of the green bond market in Vietnam,” noted Dr Weidenhaupt.

Mushtaq Kapasi, Managing Director, Chief Representative, Asia Pacific, International Capital Market Association, spoke about recent updates to the association’s Green Bond (GBP) principle, including the focus on GBP 2021 in the role of independent verifiers to ensure green project integrity and thus build investor confidence.

But there is currently limited capacity in Vietnam for this specialized service.

Recognizing this gap, GGGI, in partnership with the Climate Bonds Initiative, organized the first Green Bond Verification and Certification Workshop in Vietnam from June 22 to July 1 with more than 30 participants from eight companies. This is considered to be one of the fundamental building blocks for the development of a national green bond market for Vietnam as part of its transition to a green economy.

The report and the training workshop are part of the “Green Bond Readiness Program” funded by the Luxembourg government and implemented by GGGI, in partnership with the Vietnamese Ministry of Finance.

The report is accessible via https://gggi.org/report/green-bonds-make-more-cents/


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