Vietnam is quickly establishing itself as a powerhouse for renewable energy in Southeast Asia, driven by abundant natural resources and ambitious growth goals. Kitty Bu, vice-president for Southeast Asia at the Global Energy Alliance for People and Planet (GEAPP), highlighted the nation’s rich solar and wind potential, alongside advancements in battery energy storage systems (BESS). Vietnam’s installed solar power capacity reached 17GW in 2023, surpassing the combined capacity of all other ASEAN nations, according to the International Renewable Energy Agency (IRENA).
Bu noted Vietnam’s target to grow its green economy’s GDP contribution from $6.7 billion in 2020 to $300 billion by 2050. Achieving this will require investments of $135 billion by 2030 and $511 billion by 2050 to modernize infrastructure, improve energy storage, and enhance the national grid.
The country has launched initiatives like the National Green Growth Strategy and Power Plan 8 to attract investments and support its energy transition. Vietnam’s involvement in the Just Energy Transition Partnership (JETP) has also secured commitments from the U.S., the EU, and the UK for $15.5 billion in renewable energy funding, aimed at reducing reliance on coal and achieving net-zero emissions by 2050.
International support plays a significant role, with the Netherlands backing wind and solar projects like the Tra Vinh wind farm, and France contributing through Green Yellow Vietnam, which has installed extensive solar panels that cut 147,000 tonnes of CO2 emissions annually. These efforts, along with EU-backed projects like the Bac Ai hydropower initiative, underscore the importance of global partnerships in Vietnam’s green energy journey.
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