Vietnam needs considerable international support in terms of concessional capital to take measures for concurrently ensuring national energy security and achieving net zero emissions by 2050, said Minister of Industry and Trade Nguyen Hong Dien.

The official made the remark during a meeting on February 14 with British Minister Alok Kumar Sharma, President for the 26th United Nations Climate Change Conference (COP26), who is on a working visit to Vietnam.

Dien noted right after the COP26 in the UK last November, under the Prime Minister’s directions, the Ministry of Industry and Trade (MoIT) has been working to update the draft Power Development Plan VIII in a way that continues reducing coal-fired power generation and strongly developing gas-fired power generation, especially the liquefied natural gas (LNG)-fired one, so as to guarantee energy security and increase the capacity of using electricity from renewable energy sources.

He added it is also moving to promote the power created by renewable energy, especially wind and solar power, and balance power generation sources among regions.

Sharma recognised Vietnam’s efforts in drafting Power Development Plan VIII and success in developing renewable energy as seen in the impressive growth of solar and wind power.

He called on the MoIT to support renewable energy projects, including the Thang Long offshore wind power project of Enterprize Energy.

Regarding the high financial demand to carry out Power Development Plan VIII towards net zero emissions by 2050, the COP26 President suggested funding be mobilised from public and private sources to invest in green infrastructure projects so as to realise the commitment made at the UN conference.

Minister Dien asked the COP26 leader to help electricity businesses of Vietnam to access British and international financial sources.

Vietnam also wishes to receive technical assistance from developed countries to make plans on reducing the development of coal-fired power plants, control greenhouse gas emissions in the industry and trade sector, improve the country’s capacity for implementing carbon evaluation mechanisms under the Paris Agreement on climate change, and enhance its capacity to carry out a competitive electricity retail market, according to the host official./.