Vietnam holds 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 to create co-benefits, experts said at the event.

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At the event

Still, there are many things left for the country to do in terms of sustainable energy transition, said Nguy Thi Khanh, Executive Director of Green Innovation and Development (GreenID), citing the national grid failing to keep up with the growth of renewable energy generation, a lack of a storage system for renewable energy on a large scale, and difficulties in accessing affordable and long-term funding as examples.

To accelerate sustainable energy transition, she suggested the Government continue to consistently 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 viewed as the main pillars of Vietnam’s energy transition, helping the country reduce emissions and enhance energy security in the long term through decreasing the share of power imports and diversifying energy supply.

Nguyen Ngoc Hung 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 regulations on emission standards.

Financial tools such as taxes and fees should be applied to change energy production and consumption patterns and raise funds for clean energy solutions, Hung added.

Source: VNA