Vietnam plans to double power generation capacity by 2030


Renewable energy specialist John Yeap of Pinsent Masons said, “Vietnam’s continued economic growth invariably means a growing need for energy. Unlike industrialized nations that have been able to meet their growing energy needs without global oversight, countries like Vietnam must do so in order to both meet international net-zero emissions commitments and meet domestic demand needs. With the move away from coal, most large-scale baseload generation will have to come from gas as a transition fuel and possibly co-combustion with ammonia in the short to medium term. In the longer term, other solutions such as offshore wind power, hydrogen and storage will have to be considered.

“There will undoubtedly be key roles for international bodies such as multilateral development agencies, technology and capital providers, including providers of concessional funds, to play in Vietnam’s energy growth and transition. However, there are not only cost and technology considerations involved in all of these solutions, but also regulatory and legal considerations. A clear and transparent regulatory structure for all these solutions will therefore greatly facilitate the deployment of all these solutions necessary to meet growth and net zero,” he said.

This follows Vietnam’s commitment to become carbon neutral by 2050, which it announced at the United Nations climate conference in Glasgow (COP26) in November 2021.

In March, Vietnam’s Industry and Trade Minister Nguyen Hong Dien said the country would need international concessional capital support in order to achieve energy security and achieve its net-zero emissions goal. by 2050.

The country published its draft Energy Development Master Plan VIII in late 2021, aiming to increase its offshore wind capacity to 36 GW by 2045.

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