5 key consensuses on sustainable green transition reached at Hanoi-hosted P4G Summit

The four-day summit concluded with a closing ceremony attended by Vietnamese Prime Minister Pham Minh Chinh, Ethiopian Prime Minister Abiy Ahmed Ali – who will chair the next P4G Summit in 2027 – and delegates from over 40 countries and international organizations.

This year marked the first time Vietnam had hosted a high-level multilateral conference focused entirely on green growth and sustainable development. The event included more than 20 sessions and drew over 1,000 participants.

In his closing remarks, PM Chinh described the summit’s discussions as vibrant and full of valuable insights. 

He emphasized that the shift to a green economy is both a strategic necessity and a top priority to meet the United Nations Sustainable Development Goals.

He stressed that the green transition requires global cooperation and the active participation of governments, businesses, communities, and individuals to ensure no one is left behind.

Reflecting on the summit’s outcomes, PM Chinh outlined five key areas of agreement:

First, delegates highlighted the need to mobilize financial resources to drive green growth and support sustainable development, with an emphasis on public-private partnerships and creative financing policies.

Second, there was strong support for advancing research and the development of green technologies.

Third, participants agreed on the urgency of transforming agriculture and food systems to become more sustainable.

Fourth, the summit underscored the importance of building a high-skilled workforce in science, technology, and innovation to support green transitions.

Fifth, there was broad consensus on accelerating the shift to energy systems that are efficient, clean, and environmentally friendly.

PM Chinh urged countries, organizations, and businesses to strengthen collaboration with P4G partners and turn their commitments into real-world projects.

The fourth summit adopted two official declarations: the Hanoi Declaration on Sustainable and People-Centered Green Transition, and a separate declaration to strengthen multilateral and institutional partnerships for green growth. 

The latter, an initiative spearheaded by Vietnam, aims to boost international cooperation toward sustainable development.

During the closing ceremony, Chinh and Ethiopian Prime Minister Abiy Ahmed Ali held a symbolic handover ceremony, officially transferring the host country role for the fifth P4G Summit in 2027.

PM Abiy Ahmed Ali voiced his support for the Hanoi Declaration and expressed his honor in taking on the summit chair role. 

He pledged to build on the legacies of preceding hosts – Vietnam, Colombia, Denmark, and South Korea.

According to the Ministry of Foreign Affairs, three loan agreements worth nearly US$400 million were signed during the summit between Vietnam and partners including the Asian Development Bank and the International Bank for Reconstruction and Development.

The funds will support climate-resilient infrastructure in line with Vietnam’s sustainable development goals.

Several countries and international organizations also made major funding commitments.

South Korea pledged continued financial backing for P4G, while the United Arab Emirates committed $50 billion to renewable energy projects across 70 countries.

Japan announced support for projects in 25 countries through a credit-sharing mechanism, contributing to global emissions reduction targets.

Participating nations reaffirmed their goals for reducing greenhouse gas emissions and achieving carbon neutrality through updated nationally determined contributions.

Vietnam was one of the seven founding members of P4G in 2017. 

The previous three summits were hosted by Denmark (2018), South Korea (2021), and Colombia (2023).