The Governments of the Socialist Republic of Viet Nam, together with the International Partners Group, consisting of the European Union, the United Kingdom of Great Britain and Northern Ireland, the United States of America, Japan, the Federal Republic of Germany, the Republic of France, the Italian Republic, Canada, the Kingdom of Denmark and the Kingdom of Norway;
Recognising the need to accelerate action towards the objectives and long-term goals of the United Nations Framework Convention on Climate Change (UNFCCC) and the Paris Agreement, including through the implementation of the Glasgow Climate Pact, to minimise the worst adverse impacts of climate change for countries, people and the environment;
Noting that limiting global warming to 1.5°C to mitigate the worst adverse impacts of climate change requires rapid, deep and sustained reductions in global greenhouse gas emissions, including reducing global carbon dioxide emissions by 45% by 2030 relative to the 2010 level and to net zero around mid-century as well as deep reductions in other greenhouse gas emissions, emphasising climate change adaptation and achieving net zero emissions as an opportunity for sustainable development;
Recognising that for Viet Nam, as an independent, sovereign and fast developing lower middle income country heavily affected by the impacts of climate change, it will be key to embrace the opportunities brought about by the fast decreasing cost of renewable energies as an opportunity for sustainable development and to tackle related challenges such as poverty, inequality and unemployment, which are exacerbated by the impact of the COVID-19 pandemic and climate change, and that vulnerable groups and some important economic sectors may be impacted by the energy transition, including thermal electricity generation, coal mining, heavy industry and transport;
Recognising the need for new, predictable, long-term and sustainable support from partner countries, multilateral organisations and investors in finance, technology and capacity building for Viet Nam to exploit fully the opportunities of the transition in accordance with the national framework of public debt and external debt management to contribute significantly to the implementation of the NDC of Viet Nam, its commitment to reach to net zero greenhouse gas emissions by 2050 and its development orientation to become a high-income developed country by 2045;
The UN secretary-general, António Guterres, has issued a stark warning concerning the “dismal litany of humanity’s failure to tackle climate disruption” in a speech in which he set out “five critical actions to jumpstart the renewable energy transition”.
Speaking at the launch of the World Meteorological Organisation’s State of the Global Climate 2021 Report, Guterres described the global energy system as “broken” and “bringing us ever closer to climate catastrophe”. He called on the world to “end fossil fuel pollution and accelerate the renewable energy transition, before we incinerate our only home”.
The United Nations climate change conference (known as COP26) in Glasgow, Scotland, was billed as historic. By that measure, the conference didn’t deliver. But it nevertheless marks a moment of transition. Glasgow completed the process begun at the 2015 Paris conference, under which nations progressively raised their national commitments to decarbonization. All the major economies of the world are now notionally committed to reaching net-zero emissions between 2050 and 2070. As a result, Glasgow also marked the moment when climate politics began to focus on the energy transition as a matter of industrial policy. It was symptomatic that a prominent commitment to reduce coal burning was included in the final resolution. It was not enough, but it was a significant first. It was also symptomatic that Britain’s conservative government put the emphasis on businesses. That dismayed many activists, but it was a prompt eagerly seized on by U.S. climate envoy John Kerry.
Kerry finished the conference hailing an impending transformation. Firms that were willing to innovate and gamble on the energy transition would be opening up the “greatest economic opportunity since the Industrial Revolution,” he said. In a Financial Times op-ed published in November, Kerry added: “Like the proverbial cavalry, the first movers [in business] are coming. … Companies should seize this opportunity by propelling the shift—rather than being buffeted in its wake.” Meanwhile, in the New York Times, columnist Thomas Friedman chimed in to declare if we are looking to save the world, “we will get there only when Father Profit and risk-taking entrepreneurs produce transformative technologies that enable ordinary people to have extraordinary impacts on our climate without sacrificing much—by just being good consumers of these new technologies. In short: we need a few more Greta Thunbergs and a lot more Elon Musks.”
24 November (IEEFA/JMK Research India): Electricity distribution companies (discoms) demand firm and uninterrupted renewable power. A new report by IEEFA and JMK Research highlights the important role that different mixes of generation sources and storage technologies can play in overcoming the intermittency challenge of variable renewable energy (VRE) and ensuring grid stability.
Renewable energy blended with either conventional thermal power sources that have low plant load factors (PLFs) or energy storage systems (ESS) can provide firm round-the-clock (RTC) power required by discoms, according to the report.
By Anh Minh October 13, 2021 | 12:33 pm GMT+7 VNExpressWorkers fix electric cables in District 1, Ho Chi Minh City. Photo by VnExpress/Thanh Nguyen
Vietnam will find it hard to mobilize foreign funding for coal-fired electricity plants because many nations have vowed to step up environmental protection.
Most of the investments in coal-fired electricity plants in Vietnam in 2015-21 came from China, South Korea and Japan, but the three countries have now pledged to stop investing in such power stations, Mark Hutchinson, chairman of the Southeast Asia Task Force, Global Wind Energy Council (GWEC) Asia, said at an online conference on finance for energy projects on Monday.
▪ Large energy buyers—including corporates, cities, and institutional customers—have played and will continue to play an important role in driving clean energy in the near term, particularly renewables. However, to ensure that the power sector achieves deep decarbonization over the next two to three decades, large energy buyers will need to take additional actions to play a leading role in accelerating the transition to a carbon-free grid.
▪ Large energy buyers can implement approaches that help transform the grid such as matching clean energy purchasing with the timing of their energy use, incorporating demand flexibility, purchasing dispatchable clean electricity, adopting enabling technologies (e.g., energy storage), maximizing emissions reductions, and driving an an equitable transition to clean energy.
▪ There is no single strategy for implementing transformative procurement practices, which is why we have
highlighted a variety of approaches in this issue brief. Optimal procurement approaches can vary based on differences in customer electricity usage, market context, available product offerings, staff and resources, and differences across grids.
▪ To enable large energy buyers to implement transformative procurement practices, new products and solutions will be needed. Metrics and recognition programs will also need to be revised to incentivize and encourage more customers to take actions that can facilitate a carbon-free grid.
This week, BloombergNEF’s released estimates for its global benchmark that tracks the levelized cost of electricity, or LCOE, for utility-scale PV and onshore wind. The LCOE looks at the all-in cost to build, operate, and maintain power plants and then calculates the cost per megawatt-hour (MWh) of the energy produced based on all of those inputs.
Vietnam has been a Southeast Asia solar success story. It went from having barely any generation in 2018 to a quarter of its total installed capacity being solar – a 100-fold increase in two years.
This rapid growth is mainly down to the Vietnamese government’s feed-in tariff which provides a guaranteed above-market price for renewable energy producers; other incentives signed off in 2017 in an attempt to pivot away from lagging fossil fuel projects; and cheaper solar panels, some of which are assembled domestically.
Around 99% of the installed solar panels in Vietnam come from China. At the same time, China is one of the few countries that still lends Vietnam money to build coal plants.
China’s future role in Vietnam’s power system will be shaped by the latter’s newest plan for its power sector. The final version of the Power Development Plan 8 is due to be published in June, though it has been postponed before and may be again.
By Anh Minh June 16, 2021 | 04:57 pm GMT+7 VNExpressWind turbines in the province of Bac Lieu, southern Vietnam. Photo by VnExpress/Nguyet Nhi.Foreign and local investors have poured billions of dollars into developing offshore wind farms.
Thang Long Wind, a $11.9-billion, 3.4 GW offshore plant, is being built in the central province of Binh Thuan.
Installation of floats will be completed in July to gather oceanographic data related to waves, wind and currents.
La Gan, another offshore wind farm, a joint venture between Asia Petroleum Energy Corporation (Asia Petro), Novasia Energy Company and Danish fund management firm Copenhagen Infrastructure Partners (CIP), will have a capacity of 3.5 GW and cost $10.5 billion.
American researchers experimented with unconventional solar-energy designs, such as this thermoelectric panel. (Universal History Archive / Universal Images Group / Getty)
You wouldn’t know it today, but the silicon photovoltaic solar cell—the standard, black-and-copper solar panel you can find on suburban rooftops and solar farms—was born and raised in America.
The technology was invented here. In 1954, three American engineers at Bell Labs discovered that electrons flow freely through silicon wafers when they are exposed to sunlight.
It was deployed here. In 1958, the U.S. Navy bolted solar panels to Vanguard 1, the second American satellite in space.
A renewable energy future is within our grasp: the technology is now widely available and cost-effective in most places around the world. But the current rates of deployment remain well below what is required to avert the worst impacts of climate change. The private sector is poised to invest billions of dollars to massively speed up, scale and support the energy transition. However, many investors, particularly in the private sector, are deterred by some of the risks related to renewable energy investments. As the energy transition is likely to be financed largely by the private sector, governments must work with the private sector to remove barriers and incentivize investment in renewable energy.
This working paper, produced in partnership with Ørsted, focuses on the challenges and solutions to scaling investment in renewable energy generation and provides actionable policy solutions to unlock the private sector investment needed to support the energy transition.
The global transition to renewable energy is likely to be financed largely by the private sector, including utility companies, corporations, project developers, and various investment funds.
One critical element of the energy transition will be decarbonization of the world’s electricity supply. The needed technology is developing rapidly and the scale of the requisite investment is manageable, but current rates of deployment remain well below what is required to avert the worst impacts of climate change.
Challenges that inhibit decarbonization of the power sector fall into three categories: market structure that lacks appropriate incentives to catalyze private investment in new projects, lack of public support for siting renewable energy development, and incompatible or inadequate grid infrastructure.
Governments will play a critical role in scaling renewable energy capacity by providing regulatory frameworks and policy solutions to the challenges that are slowing down private sector investment.
Top priorities for governments will be to establish renewable energy targets, policies, and market instruments that incentivize and de-risk green energy investments; improve planning and permitting, and address community concerns, while balancing other concerns; and invest in modern electricity grids and infrastructure.
NREL and DOE Experts Offer Fresh Perspective on Technical and Economic Challenges, Call for Collaborative Solutions to Decarbonization
May 19, 2021
With recently announced federal emissions-reduction targets, a push for national power-sector decarbonization, and plummeting wind and solar costs, the United States is poised to deploy major amounts of renewables, and fast.
At smaller scales, hundreds of U.S. cities, states, and corporations have already taken bold action in setting their own local targets for 100% renewable energy—and with recent analyses like the Los Angeles 100% Renewable Energy Study (LA100), we have growing confidence that reliable, 100% renewable power grids are feasible.