(VOVworld) – Vietnam will create favorable conditions to encourage businesses to take part in greenhouse gas emissions and eliminate subsidies for fossil fuel by 2020.

According to the Ministry of Natural Resources and Environment, businesses will play an important part in helping Vietnam realize its climate change commitments. Vietnam is encouraging businesses to develop renewable energy with incentives in solar and wind power generation. Pham Van Tan, Deputy director of the Hydro-meteorology and Climate Change Department, said: “There are many options to reduce greenhouse gases, which will reduce investments and increase effectiveness. Loans from international financial institutions for high-carbon production so businesses involved in this area should be self-supported.”