The Vietnam Corporate Energy Leaders (VCEL) initiative has been announced at the Vietnam Corporate Sustainability Forum 2020, promoting the use of renewable energy in driving greener production and sustainable growth in a globally competitive Vietnam.

A solar power and wind power farm is put into operation
in the south central Ninh Thuan province.

WWF-Vietnam said the new initiative was co-founded by WWF and the Vietnam Business Council for Sustainable Development under the Vietnam Chamber of Commerce and Industry (VCCI), in partnership with the Clean Energy Investment Accelerator (CEIA).

“I am very proud to announce the Vietnam Corporate Energy Leaders initiative today,” said Dr Benjamin Rawson, Conservation and Programme Development Director at WWF-Vietnam.

“We welcome all international and domestic companies and banks in Vietnam with renewable energy ambitions to join VCEL. Your renewable energy future awaits”

Often energy is treated as merely a cost to be managed, even in companies that spend millions or more on it each year. But more firms are embracing renewable energy as an affordable solution that delivers a competitive edge in a global market where customers and the public are increasingly interested in sustainable production and environmental performance.

Non-hydro renewable energy deployment has rapidly ramped up in recent years, growing to about 12.5% and far exceeding the target set in Vietnam’s power development plan. However, 100% renewable energy by 2050 to support sustainable development is entirely feasible for Vietnam, according to the WWF.

To help achieve this goal, VCEL engages and supports companies to unlock opportunities for renewable energy. VCEL and its members will help Vietnam reduce emissions to meet the goals of the Paris Agreement, create green jobs and drive the transition to a greener economy powered by renewable energy.

“Companies have a unique opportunity to lead the transition to renewable energy and more ambitious climate action. In recent years, Government policies have made conditions more favourable for renewable energy, but there are still challenges for companies that have growing demands for renewable energy, “said Nguyen Quang Vinh, Secretary-General cum Vice President, Vietnam Business Council for Sustainable Development (VBCSD).

“VCEL will bring businesses, experts, financial institutions and investors together to overcome barriers to build a renewable energy future in Vietnam,” he said.

According to VCCI, VCEL will create a corporate community to share information, experience and learning, while providing market intelligence and local expertise to inform decision making and build renewable energy awareness and capacity.

It also helps build strong local relationships to channels buyers’ collective voice and needs into decision-making processes, informing companies on green financing opportunities.

VCEL will also recognise renewable energy leadership as companies set and work towards ambitious sustainability commitments.

VCEL is the latest chapter of WWF’s global Climate Business Hub and Corporate Renewable Energy programme, which are local-to-global networks that support companies to drive the transition to a sustainable future powered by renewable energy.

Current VCEL members include H&M, Adidas, Puma, Luc Dong, Vietnam Banking Association, DEEP C, TPSC and EnergyEstate, all of whom commit to taking concrete action to support renewable energy deployment.