Institutionalizing Resolution 70 to promote renewable energy development

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Resolution 70 of the Politburo on ensuring national energy security until 2030, with a vision to 2045, aims to build a modern, sustainable, smart and synchronous energy system, aiming for carbon neutrality by 2050.

Institutionalizing the spirit of Resolution 70 with a series of new mechanisms to remove bottlenecks in planning, capital and investment for green energy is the content that National Assembly deputies will discuss at the 10th Session of the 15th National Assembly.

Resolution 70 sets a target that by 2030, the proportion of renewable energy in the electricity source must reach 25-30%. According to experts, to achieve this goal, in addition to the state sector, promoting resources from the private economic sector is very important.

Mr. Pham Viet Thach - Deputy Head of Environment & Sustainable Development Department, Vietnam Electricity Group (EVN) said: "Creating opportunities for private investors to participate in the competitive power generation market, thus the possibility of developing renewable energy sources is very large...".

According to calculations, Vietnam needs to invest an additional 8-10 billion USD per year in renewable energy. In the context of limited bank capital for renewable energy development, diversifying new capital channels in the market from green bonds and foreign investment funds is necessary. However, there needs to be a clear business appraisal process, as well as institutionalization into specific laws to serve as a guideline for businesses to expand their scale.

In the urgent context of developing renewable energy sources to serve production and business, especially for export enterprises according to sustainable standards, the Ministry of Industry and Trade is finalizing the draft Resolution of the National Assembly on mechanisms and policies to remove difficulties in national energy development in the 2026-2030 period.

Mr. Tran Hoai Trang - Deputy Director of the Electricity Department, Ministry of Industry and Trade said: "We also put in place a very strict mechanism to handle projects that are behind schedule, and at the same time, we can revoke or replace slow-progressing projects with other projects to ensure the correct progress in the national electricity planning."

This draft Resolution is expected to create an institutional boost for the energy sector, unblock capital flows, remove planning bottlenecks and expand opportunities for the private economy, thereby helping Vietnam move faster on the path to carbon neutrality by 2050.

Source: https://vtv.vn/the-che-hoa-nghi-quyet-70-thuc-day-phat-trien-nang-luong-tai-tao-100251104091636114.htm