Experts discussed opportunities and challenges in sustainable energy transition at a recent forum in Hà Nội, which focused on the development of green, clean, and renewable energy against the backdrop of international capital moving into the country.
A wind power farm in the Mekong Delta's Bạc Liêu Province. —VNA/VNS Photo
Việt Nam has substantial potential in offshore wind and solar power, with huge opportunities for the integration of different energy technologies and the combination of renewable energies and agriculture, experts said at the event on Tuesday.
Still, there are many things left for the country to do in terms of the sustainable energy transition, said Ngụy Thị Khanh, Executive Director of Green Innovation and Development (GreenID), citing the national grid failing to keep up with the growth of renewable energy generation, the lack of a storage system for renewable energy on a large scale, and difficulties accessing affordable and long-term funding.
To accelerate the sustainable energy transition, she suggested the Government develop and enforce policies promoting the efficient use of energy and the development of renewable energies while restricting investment in fossil fuel power projects.
Renewable energy development policies must also protect livelihoods and foster new partnership opportunities with people and communities affected by energy transition, and facilitate foreign capital flows into the sector.
According to the Ministry of Industry and Trade, renewable energy and natural gas are seen as the main pillars of Việt Nam’s energy transition, helping the country reduce emissions and enhance energy security in the long term by decreasing the share of power imports and diversifying the energy supply.
Nguyễn Ngọc Hùng from the Ministry of Industry and Trade’s Institute of Energy stressed the need to closely supervise energy production facilities emitting pollutants and to get tougher on those violating emission regulations.
Financial tools such as taxes and fees should be used to change energy production and consumption patterns and raise funds for clean energy solutions, Hùng said.