In his opening remarks, Deputy Minister of Natural Resources and Environment Vo Tuan Nhan said the ministry recently finalised a draft national strategy on climate change for 2050 so as to devise a roadmap for realising Vietnam’s commitments made at the 26th UN Climate Change Conference (COP26), including achieving net zero emissions by 2050, reducing methane emissions, conducting energy transition, and gradually eliminating fossil fuel. This draft has been submitted to the Prime Minister.
To cut net emissions down to zero, it is necessary to strongly carry out energy transition and boost low-carbon development, he said, noting that to Vietnam, apart from the aim of reducing greenhouse gas emissions, transitioning from fossil fuel to clean and renewable energy is also meant to step up sustainable economic restructuring and grasp opportunities to improve the economy’s competitiveness and development.
Vietnam views energy transition as both a chance and a challenge. It is a need to strongly transition from fossil to clean energy to match the global trend. On the other hand, it is also important to guarantee energy security, change jobs for the affected workers, especially those in the coal industry, ensure power prices are affordable for low-income earners, and equip the country’s manpower with necessary skills to operate advanced low-emission technologies, according to Nhan.
Andrew Jeffries, Country Director of the Asian Development Bank (ADB), spoke highly of Vietnam’s strong commitment to net zero emissions by 2050.
The commitment implementation requires efforts and considerable financing for promoting renewable energy, upgrading the power grid, and applying new energy saving technologies and solutions, he pointed out, adding that ADB pledges to assist its developing members to resolve climate change challenges.
At the seminar, participants suggested several energy transition solutions to work out financial and policy mechanisms for facilitating clean energy use.
