Vietnam-based asset manager Dragon Capital Group is supporting the country’s transition to net zero and met COP26 President Alok Sharma this week, highlighting how the country is “punching above its weight” when it comes to decarbonization (please see the attached press release).
At the meeting, Dragon Capital’s Chairman, Dominic Scriven OBE, raised the need for first-loss capital in the wealth transfer from developed markets to emerging ones as a crucial part of delivering net zero. First-loss capital is socially and environmentally driven credit provided by an investor or grant provider who agrees to bear first losses in investment to catalyse co-investors participation who would not have otherwise entered the deal.
He also highlighted the lack of focus on the issue of agriculture emissions and the failure of governments worldwide to make the business case for decarbonization.
Dominic Scriven said: “I’m sure Alok Sharma appreciates that what is needed in Vietnam is first-loss capital. By agreeing to cover a greater portion of the downside risk, transformational projects then have the ability to attract more domestic capital.
“The meeting was very welcome in the ongoing drive to raise awareness of both Task Force on Climate-related Financial Disclosures (TCFD) and Task Force on Nature Related Disclosures (TNFD) in Vietnam using the UK adopted standards and emerging nature-based solutions to help the path to net zero in Vietnam.
“Vietnam made some pretty bold commitments at COP26, but considering the country represents 1.2% of the World’s population and yet accounts for just 0.6% of global carbon emissions I think it’s fair to say Vietnam is punching above its weight.
“If you look at what’s powering Vietnam, 29% of installed energy capacity is renewables in the form of wind and solar power, which has come a long way in the last five years. If you add hydropower into the mix then Vietnam is approaching 60% non-thermal – it’s remarkable to see how engaged the country is with the challenges we all face.”
“Dragon Capital has been pioneering in its TCFD efforts in Vietnam and I believe that financial services companies play a crucial role in supporting the country’s adaptation to climate change and its transition to a green economy.”
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