Energy

Tim Evans, CEO of HSBC Vietnam The World Bank believes Vietnam is among the top five countries likely to be affected and estimates that climate change will reduce its national income by up to 3.5 per cent by 2050. Moreover, Vietnam is one of the most carbon-intensive economies in Asia, and it needs to undertake a rapid transition out of high-carbon activities. As the country pursues this ambitious path, its finance sector will have to play a significant role with a wide range of innovative financial solutions. The demand for green, social, and sustainability bonds continues to hit record oversubscriptions, confirming that both issuers and investors remain keenly focused on green finance. According to Moody’s, global issuance is expected to reach another new record of $650 billion in 2021, a 32 per cent increase over last year. In Vietnam, the government has put in place several robust responses and measures, which includes promoting green growth as a key focus in the … [Read more...] about Sustainable finance instruments to grow a greener future

By Kim Højlund Christensen Danish Ambassador to Vietnam That conference resulted in the global Paris accords, committing all nations to come together to fight the most pressing challenge of our time. In 2021, it is essential that we fulfil the promise of reducing emissions to limit the global temperature rise to 1.5oC from pre-industrial levels. However, we are currently not on track. We need all countries to increase their ambitions for reducing emissions. That is why Denmark has committed to reducing emissions by 70 per cent by 2030. We believe that this is not only necessary, but also possible. Nearly 70 per cent of greenhouse gas (GHG) emissions in Vietnam come from energy production and consumption. Therefore, action in the energy sector is of utmost importance for a green transition. Less emphasis on coal, and ultimately a phase-out of coal, will have a substantial positive impact. The cooperation between Denmark and Vietnam in the areas of energy and climate has been … [Read more...] about Green transition needs stability

Government leaders, scientists, and businesses are all agreed on the task at hand, but talk is not enough, Photo: Shutterstock Ahead of the 26th Conference of the Parties to the United Nations Framework Convention on Climate Change, known as COP26, Vietnam as a permanent member of the United Nations Security Council (UNSC) initiated a meeting last week on sea level rise (SLR) and implications for international peace and security. Ambassador Dang Dinh Quy, permanent representative of Vietnam to the UN, said that of the people hardest hit by SLR globally, more than 70 per cent live in Asia. Vietnam’s Mekong and Red River deltas are among the areas most vulnerable to SLR. “Thus, Vietnam considers climate change, SLR, and its impact on security and development one of its high priorities during its UNSC non-permanent membership in 2020-2021,” said Quy. He said that Vietnam’s initiative is aimed to create a forum for all countries to raise their viewpoints and concerns over SLR, … [Read more...] about Vietnam states its case ahead of crucial climate convention

An Intergovernmental Panel on Climate Change (IPCC) report states that the Paris Agreement’s goal to limit global warming well below 2oC will fail unless greenhouse gas (GHG) emissions reach net zero by 2050. What can governments do to limit global warming? British Ambassador to Vietnam Gareth Ward Despite the challenges of the ongoing pandemic, countries around the world have submitted 85 new commitments for carbon emissions reductions. Some of these have introduced more ambitious targets for 2030. We are making progress, but we still need much more, especially from countries with high emissions. In the run-up to COP26, we hope to see those countries that have not yet done so announcing ambitious emissions reduction targets and long-term strategies to net zero by the middle of the century. The 2020s are the decisive decade to get the world on track to halt temperature increases. Therefore, governments around the globe must make the big policy decisions required, … [Read more...] about UK pledges support on Vietnam’s path to reaching net zero on time

Vietnam is in the process of drafting its next national power development plan, Photo: Shutterstock However, while the natural prerequisites are a given, several administrative issues need to be urgently resolved. Reaching a higher share of renewables and particularly wind power requires a balance of interests between the power sector and various other stakeholders, such as organisations and government, argued Huub den Rooijen in February at a bilateral energy dialogue. Rooijen is the director of Energy, Minerals, and Facilities at Crown Estate – the real estate company that manages most of the seabed around the UK nations of England, Wales, and Northern Ireland. “The dialogue between the market players and the government, and the transparency of the power sector, are essential elements,” added Rooijen. More UK investors are expressing active interest in cooperation and investment in renewable energy projects in Vietnam with great expectations for simple and long-term support … [Read more...] about Brit blueprint carves open power potential

Best practices for offshore wind auctions However, under the current development pipeline, the first true large-scale offshore wind projects are not likely to be connected to the grid until 2026 or later, and they lack a clear regulatory framework to support their development. The infancy of the offshore wind sector in Vietnam means that policy is still being formulated, and it is incredibly important to ensure that future policy is designed for steady and sustainable growth, providing sufficient time for the offshore wind industry to take off and mature. Offshore wind is one of the fastest-growing energy sectors in the world, and is set to be a transformative force for the global energy transition. Its success has been driven by its rapid deployment in Europe, incredible cost reduction, and consistent record of technological innovation. The same success will surely be replicated in Asia. Offshore wind is an optimal technology which can supply clean energy, alleviate air … [Read more...] about Making progress for Vietnam’s offshore wind farms