Accelerate the green energy transition early to avoid huge costs

DNVN - One of the messages of the Vietnam Energy Outlook Report 2024 released on June 18 is to focus on the best and most cost-effective options to support Vietnam's sustainable growth. In particular, it is important to accelerate the green energy transition in Vietnam to avoid unnecessary large costs.

The report "Vietnam Energy Outlook - Road to Net Zero Emissions" was compiled and released on June 18 in Hanoi by the Electricity and Renewable Energy Authority (Ministry of Industry and Trade) of Vietnam, the Danish Energy Agency and the Embassy of Denmark in Vietnam.

The report presents development scenarios for Vietnam's energy system to 2050, focusing on analyzing realistic pathways for Vietnam to achieve its commitment to net zero emissions by 2050.

One of the key findings of the report is that achieving carbon neutrality by 2050 is not only technically feasible but also the most cost-effective scenario. However, to achieve this target, Vietnam’s carbon emissions need to peak by 2030 and the green energy transition needs to be accelerated and accelerated.

Mr. Doan Ngoc Duong - Deputy Director of Electricity and Renewable Energy Department (Ministry of Industry and Trade).

The report’s message is that the best and most cost-effective option to support Vietnam’s sustainable growth is to scale up solar and wind power, as well as electrify the transport and industrial sectors. It is important to accelerate Vietnam’s green energy transition as soon as possible to avoid unnecessary high costs.

The report also makes specific recommendations on how Vietnam can achieve its goal of climate neutrality by 2050 and ensure carbon emissions peak by 2030.

At the announcement ceremony, Mr. Doan Ngoc Duong - Deputy Director of the Electricity and Renewable Energy Department said that compared to previous publications, the report "Vietnam Energy Outlook - Road to Net Zero Emissions" reviews and analyzes energy outlook scenarios with different input assumptions.

Vietnam is making strong efforts towards the goal of becoming a high-income country by 2045. In that context, Vietnam's energy and electricity demand in the coming years is forecast to continue to increase rapidly to meet the needs of the economy and people.

According to Danish Ambassador Nicolai Prytz, to achieve net zero emissions, Vietnam needs to make rapid, strong and sustainable efforts. This is not only important to address the growing energy demand but also to attract foreign direct investment (FDI) as access to renewable energy becomes increasingly important in investment decisions. Denmark is committed to continuing to support Vietnam in this transition.

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Source: https://doanhnghiepvn.vn/kinh-te/chinh-sach/som-day-nhanh-chuyen-doi-nang-luong-xanh-de-tranh-cac-chi-phi-lon/20240619054303694