Vietnam - UK’s main partner in energy transition
Vietnam - UK’s main partner in energy transition
The UK is a proactive participant in the International Partners Group assisting Vietnam’s energy transition via the Just Energy Transition Partnership Program (JETP), which is expected to raise US$15.5 billion in funding over the course of the next three to five years.
The UK Energy Mission has arrived in Hanoi to reaffirm the UK Government’s efforts in Vietnam's energy transition through support in climate finance and technology.
Marcus Winsley, Deputy Ambassador, the British Embassy in Vietnam, with the UK Energy Mission in Hanoi on November 3. Photo: The Embassy |
The mission, including 14 British businesses in the field of renewable energy technology and services, met and discussed cooperation opportunities with potential partners in Vietnam within the ASEAN Wind Energy Conference, which gathered nearly 30 participating companies and attracted thousands of attendees during the two-day event on November 3-4.
Vietnam’s renewable energy sector has experienced a number of encouraging changes in recent years, creating numerous chances for international trade cooperation. Vietnam has been selected as a priority location for the expansion of operations in the Asia-Pacific region by the UK Energy Mission, a group of technology solutions and service providers with extensive professional knowledge and practical experience, in light of the current circumstances.
The mission concentrated on areas related to renewable energy, including energy storage, transmission, and offshore wind power.
At the event, Iain Frew, the British Ambassador to Vietnam, emphasized the British Government's commitment to becoming Vietnam’s energy transition partner by pursuing both bilateral and multilateral projects.
Vietnam’s green transition process is expected to be realized through the coordination of US$15.5 billion through the Just Energy Transition Partnership Program (JETP) in which the UK is a member in the International Partners Group including the European Union, France, Germany, the US, Italy, Canada, Japan, Norway, and Denmark.
Ambassador Frew also highlighted the UK's achievements in renewable energy with 13.7GW installed offshore wind energy capacity. In light of this, the Ambassador demonstrated his confidence in the Mission's and British companies' overall contributions to Vietnam's growth of renewable energy.
On this occasion, the Mission attended the European Business Association (EuroCham)’s Green Economy Forum, where they engaged in direct conversations with project developers about the prospects and obstacles of this emerging sector.
At the event, Denzel Eades - a representative of the British Business Association in Vietnam said: "The UK believes in the potential of the offshore wind power market in Vietnam and the recent policies to promote the development of this field. British businesses, along with their extensive expertise, look forward to contributing to this vibrant market."
The UK is an active member of the JETP which will mobilize an initial $15.5 billion of public and private finance over the next 3-5 years to support Vietnam’s green transition.
The partnership will assist Vietnam in achieving a number of challenging new goals, including: shifting the anticipated peaking date for all greenhouse gas emissions in Vietnam from 2035 to 2030; lowering the highest annual emissions from the power sector by up to 30%; capping Vietnam's maximum coal capacity at 30.2 gigawatts instead of the current 37 gigawatts; and raising the proportion of renewable energy to at least 47% of electricity generation by 2030 from the current share of 36%.
The extended assistance, including efforts by the UK, is expected to support Vietnam to achieve its ambitious net zero 2050 goal. Vietnam plans to achieve this by switching from fossil fuels to renewable energy sources.
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A wind farm in Vietnam. Photo: VNA |
