A renewable energy project in the south-central province of Ninh Thuận, Việt Nam. — VNA/VNS Photo Công Thử
Việt Nam is focusing on promoting energy conversion from fossil fuels to renewable energy.
This effort is aimed at meeting the net zero emissions target by 2050. This shift not only helps reduce emissions, but in the long term, also helps the economy develop in a greener, more sustainable direction, according to recent international press and experts.
Mckinsey commented that Việt Nam's renewable energy development rate could increase exponentially to attract manufacturers and ensure energy security.
It recommended that to support the trend of foreign direct investment, Việt Nam could deploy more renewable energy projects to meet the growing demand for renewable energy from commercial and industrial customers.
Việt Nam even has the potential to become a regional champion in both installed renewable energy capacity and sustainable production.
In an effort to attract finance and capital for energy conversion, the Power Technology website said that the Asian Development Bank (ADB) recently loaned US$13.8 million to support the installation of the rooftop solar system in Việt Nam.
For ADB, this is the first financing for a rooftop solar portfolio in the commercial and industrial segment in Việt Nam.
The VTV online newspapers quoted Christoph Prommersberger, Deputy Ambassador of the Kingdom of the Netherlands in Việt Nam, as saying that currently, there were tens of billions of climate finance resources around the world looking for places to invest, and if Việt Nam could leverage them effectively through a well-managed carbon market, it could be a huge help in supporting Việt Nam's green transition.
To promote energy transition, according to information from Reuters, Việt Nam is building mechanisms and creating policies on carbon credits, completing the National Marine Spatial Planning to facilitate offshore wind development, and building a smart grid that better integrates renewable energy sources.
According to the Business Times, Việt Nam, along with Japan and South Korea, are identified as countries with opportunities to welcome strong transaction flows in the field of renewable energy, contributing to maintaining strong growth momentum and great potential of this field in the Asia-Pacific.