​GFANZ expects to work closely with Vietnam on energy transition

During his reception on in Hanoi, the Deputy PM shared solutions and roadmaps for achieving the commitment of reducing greenhouse gas emissions to zero and the Just Energy Transition Partnership (JETP), along with other ongoing initiatives in Vietnam.

Vietnam has made thorough preparations to select effective and practical projects, he said, wishing that along with the governments of countries, the GFANZ actively leads the process of implementing Net Zero and JETP.

Vietnam now has renewable energy projects related to wind and solar power with a capacity of around 9,000 MW. The National Power Development Plan for the 2021-2030 period, with a vision to 2050 (Power Plan VIII), allocates a significant space for renewable energy. This includes plans to build offshore wind farms, develop rooftop solar power, establish smart grids, ensure the balance and stability of the energy system, and encourage self-generation and on-site consumption of solar power.

He said several pilot energy transition projects will be assigned to Vietnamese firms, adding that Vietnam prioritises green transition projects in transportation and agriculture.

In addition, Vietnam is interested in education, training, and research in renewable energy and new fuels. Vietnam hopes that the GFANZ will share its experience in developing renewable energy in developing countries, thereby establishing effective connections and collaboration with Vietnam, he said.

Carr, for her part, said the involvement of GFANZ and its member financial institutions is important to formulate specific plans and priorities in the energy transition process and the development of a green economy.

She emphasised the need to swiftly create a global financial policy framework to drive the JETP.

The GFANZ wishes to work closely with Vietnam in the energy transition process, identify priority areas based on comparative advantages, such as developing smart grids, offshore wind power, studying new technologies for production, storage, transportation and use of new fuels, she said.

The GFANZ leader expressed her desire to join activities of the JETP’s Secretariat and pilot projects on energy transition, saying that GFANZ will allocate financial resources for technological innovations in smart grid systems, fossil fuel transition, and other related initiatives.