Vietnam needs considerable international support in terms of concessional capital to take measures for concurrently ensuring national energy security and achieving net zero emissions by 2050.
Prime Minister Pham Minh Chinh on February 14 received Alok Kumar Sharma, British Cabinet Minister and President for the 26th United Nations Climate Change Conference (COP26), who is on a working visit to Vietnam to promote the implementation of the conference’s outcomes.
The PM expressed his delight at the fast, strong, and comprehensive development of the Vietnam – UK strategic partnership in the recent past, as well as the two sides’ fruitful cooperation in economy, politics, diplomacy, and capitalisation of the Vietnam – UK Free Trade Agreement.
He thanked the UK, especially the AstraZeneca company, for the timely provision of vaccine and medical supplies for Vietnam in COVID-19 response.
PM Chinh said the Vietnamese Party and State view climate change response as one of the difficult but urgent tasks, noting that the country has been actively and proactively joining hands with the international community to reduce greenhouse gas emissions and adapt to climate change, and considers this as a chance to switch to a green, circular, and low-carbon development model.
Since COP26, Vietnam has been seriously and swiftly taking actions to realise its commitments as seen in the establishment of a national steering committee for implementing its pledges made at the conference, and the PM is head of this committee.
The country is working hard to perfect the relevant legal framework; build detailed plans, measures, and roadmaps; overhaul related strategies and plans; and mobilise investment resources for climate-resilient infrastructure in order to carry out the commitments, he noted.
The Government leader asked Sharma, as COP26 President, to continue helping promote Vietnam’s cooperation with the UK and development partners to assist the country to implement those commitments and the global initiatives on emissions reduction and climate change adaptation.
He called for support for Vietnam to connect with the financial institutions and credit organisations able to provide financial aid and credit for the country similar to the Just Energy Transition Partnership that the UK, France, Germany, the US, and the European Union signed with South Africa.
Vietnam also needs assistance to set up a domestic carbon market linked with the international one; establish a renewable energy centre to boost human resources training, technology transfer, and sharing of legal and country governance experience; and align legal regulations with the promises at COP26, according to Chinh.
For his part, Sharma spoke highly of Vietnam’s strong commitments and leadership in the region while welcoming the country’s swift and comprehensive actions, along with efforts by the Government, the Prime Minister, ministries, and sectors to ensure the pledges are implemented in reality.
He affirmed the readiness to cooperate and share experience with Vietnam to help carry out the commitments, stressing that the energy transition process is key to its climate commitments since 70 percent of the country’s gas emissions is from the energy sector.
The UK will assist Vietnam to access and mobilise necessary financial sources during this process, the COP26 President added.
Vietnam calls for int’l support to realise energy commitment at COP26
Vietnam needs considerable international support in terms of concessional capital to take measures for concurrently ensuring national energy security and achieving net zero emissions by 2050, said Minister of Industry and Trade Nguyen Hong Dien.
|Wind turbines in Thuan Bac district, Ninh Thuan province.|
Minister of Industry and Trade Nguyen Hong Dien made the remark during a meeting on February 14 with British Minister Alok Kumar Sharma, President for the 26th United Nations Climate Change Conference (COP26), who is on a working visit to Vietnam.
Dien noted right after the COP26 in the UK last November, under the Prime Minister’s directions, the Ministry of Industry and Trade (MoIT) has been working to update the draft Power Development Plan VIII in a way that continues reducing coal-fired power generation and strongly developing gas-fired power generation, especially the liquefied natural gas (LNG)-fired one, so as to guarantee energy security and increase the capacity of using electricity from renewable energy sources.
He added it is also moving to promote the power created by renewable energy, especially wind and solar power, and balance power generation sources among regions.
Sharma recognised Vietnam’s efforts in drafting Power Development Plan VIII and success in developing renewable energy as seen in the impressive growth of solar and wind power.
He called on the MoIT to support renewable energy projects, including the Thang Long offshore wind power project of Enterprize Energy.
Regarding the high financial demand to carry out Power Development Plan VIII towards net zero emissions by 2050, the COP26 President suggested funding be mobilised from public and private sources to invest in green infrastructure projects so as to realise the commitment made at the UN conference.
Minister Dien asked the COP26 leader to help electricity businesses of Vietnam to access British and international financial sources.
Vietnam also wishes to receive technical assistance from developed countries to make plans on reducing the development of coal-fired power plants, control greenhouse gas emissions in the industry and trade sector, improve the country’s capacity for implementing carbon evaluation mechanisms under the Paris Agreement on climate change, and enhance its capacity to carry out a competitive electricity retail market, according to the host official.
As commitments to reach net-zero greenhouse gas emissions by 2050 increase across the globe, the question of how these commitments can be met and the corresponding economic transformation managed becomes ever more central.