Right after the UN Climate Change Conference (COP 26) in 2021, the Government took bold steps to realise its set targets on emissions reduction and climate change response.
A road map has been drawn to meet the goals, including building legal corridors and supporting business community, sectors and localities to join efforts to reduce carbon footprint.
Notable, the Prime Minister has recently approved the National Power Development Plan VIII, which guides the development of power plants and power grids between 2021 and 2030.
According to experts, development of clean energy will help Vietnam carve out a stable green and circular economy during its industrialisation and modernisation process.
Regarding the just energy transition, Vietnam strives to increase the share of renewable energy in the country's power mix to between 68% and 72% by 2050.
To date, 16,500 MW of solar power, and more than 4,500 MW of wind power have been added to the national grid, accounting for 30% of the total electricity capacity.
Specific mechanisms should be put in place to lure investment in renewable energy to ensure harmonised benefit for enterprises.
Source: VietNam+