Vietnam is set to unveil its $15.5 billion renewable energy transition plan at the COP28 climate summit, starting in Dubai next week. The plan has been finalized.
The final plan was finalized on Thursday, according to Mark George, the climate counsellor for the British Embassy in Hanoi, after months of consultation with important Vietnamese departments to iron out the specifics of how the money would be used.
George withheld specifics of the strategy.
As part of a Just Energy Transition Partnership, or JETP, Vietnam will get $15.5 billion to assist it transition from filthy coal power to renewable energy more swiftly. The United Kingdom is co-chairing this group of nine wealthy industrialized countries.
George said, “That is a really significant milestone.”
George was a panelist at a UK-Vietnam Joint Economic and trading Committee event that focused on prospects for the two countries after Britain’s formal entry into an Asia-Pacific trading bloc with Japan and ten other countries.
Vietnam unveiled a national energy strategy earlier this year with the goal of more than doubling its maximum power generation capacity to 150 gigawatts by 2030.
A radical move away from highly polluting coal was demanded, and it was promised that no new coal-fired power stations would be constructed beyond 2030. Additionally, it advocated for increasing the use of imported LNG and domestic gas, which together will make up around 25% of the total producing capacity by 2030. By contrast, hydropower, wind, solar, and other renewable energy sources will account for almost 50% of the capacity.
In addition to attending the panel on Friday, Tang The Hung, the deputy director general of Vietnam’s department of Energy Efficiency and Sustainable Development, said that “great support” from the international community was required to guarantee Vietnam could execute its strategy.