Vietnam Unveils $15.5 Billion Clean Energy Transition Plan at COP28.
Vietnam‘s $15.5 Billion Clean Energy Transition Plan was finalized for the COP28 Announcement.
Vietnam has completed the formulation of a comprehensive strategy to allocate $15.5 billion towards transitioning to cleaner energy sources. This significant initiative will be disclosed during the upcoming COP28 climate conference in Dubai next week.
Mark George, serving as the climate counsellor for the British Embassy in Hanoi, highlighted the culmination of months-long collaborations with essential Vietnamese ministries to delineate the specifics of fund utilization. The final blueprint was officially ratified on Thursday.
However, George refrained from divulging the intricate details of the plan. Notably, the United Kingdom assumes the role of co-chair among a consortium of nine affluent industrialized nations committed to extending the $15.5 billion aid package.
The objective revolves around assisting Vietnam in phasing out its dependence on environmentally detrimental coal-based power generation while expediting the transition toward renewable energy. This collaborative effort forms the core of the Just Energy Transition Partnership (JETP).
George emphasised the significance of this milestone, emphasising its pivotal role in the transition process.
During a panel discussion convened by the UK-Vietnam Joint Economic and Trade Committee, discussions centered on bilateral opportunities after Britain’s formal inclusion in an Asia-Pacific trade consortium encompassing Japan and ten other nations.
In earlier developments, Vietnam had unveiled a national energy plan designed to significantly amplify its maximum power generation capacity to approximately 150 gigawatts by 2030.
This strategic blueprint entails a radical departure from heavily polluting coal-based energy systems and pledges a moratorium on constructing new coal-fired plants post-2030.
Additionally, it advocates for the expanded utilization of domestic gas and imported liquefied natural gas (LNG), estimated to contribute to around 25% of the total generation capacity. Meanwhile, hydropower, wind, solar, and other renewable sources are projected to constitute nearly 50% of the energy mix by 2030.
Tang The Hung, serving as the deputy director-general of Vietnam’s Department of Energy Efficiency and Sustainable Development, echoed the imperative need for substantial international backing to facilitate Vietnam’s seamless execution of this ambitious plan.
