LTS: Green economic development is an inevitable trend in the world. Since COP 26 in Glasgow, Vietnam has implemented 12 major, comprehensive measures in 3 groups to reduce greenhouse gas emissions, while ensuring energy independence and security, the benefits of the people as well as the environment. economic development goals. Last December at COP 28, the Prime Minister committed to the international community about Vietnam’s efforts to bring net emissions to “zero” by 2050 and launched a specific program for our country. . At the same time, it affirms Vietnam’s consistent policy on building a green economy, a circular economy, and proactively responding to climate change. Recently, contributing to the country’s great goals, sectors and businesses in Vietnam have begun to put green issues into the focus of operations, production and business. Initial results have been recorded, but limitations are also revealed. Join Dan Viet to find solutions to the “green” problem of industries, fields and businesses.
From now to 2050, Vietnam’s energy system will undergo a fundamental transformation in source structure, from mainly relying on fossil fuel sources to moving to clean, renewable energy sources. , efficient use of energy.
Accordingly, the focus of transformation of Vietnam’s electricity system (including clean electricity) will be the main energy source, maximizing the exploitation of electricity from renewable energy. To realize the clean energy development strategy, recently, Vietnam has prioritized investment and use of renewable energy, and encouraged organizations and individuals to participate in the development and use of renewable energy. use renewable energy
Vietnam has great potential but is still left open
According to assessments, Vietnam is a country with great wind and solar power potential. According to data from the total electrical diagram in Power Planning VIII, Vietnam’s wind power has a total technical potential of more than 820,000 MW, Solar power, Vietnam’s potential is about 963,000 MW. Meanwhile, according to data from the Global Wind Energy Council (GWEC), Vietnam has about 600 GWh of untapped wind power.
Experts believe that if there is a specific and clear solution on developing renewable electricity combining storage and maintenance batteries with hydropower and converting to operate clean thermal power plants (storage thermal power, using using ammonia..), Vietnam will completely replace coal power soon in the future.
Vietnam is looking to quickly and strongly transition to green, clean energy to serve strategic goals (Photo: Ministry of Industry and Trade).
However, that is just potential. As of September 2023, according to the Ministry of Industry and Trade, the total capacity of solar power and wind power in the total capacity of Vietnam’s power sources has only reached 13.8%. Meanwhile, large power sources such as thermal power, large and medium hydropower in Vietnam have developed to their maximum scale. The risk of electricity shortage in the North in 2024 and the following years has been raised if hydropower still lacks water as in 2023.
According to Power Plan VIII until 2030, the total capacity of solar power and wind power only accounts for 26-27% of the total power source. Thus, from the current 13.8% of the electricity structure, after 7 years wind and solar power will account for 26-27% of the total power source, an extremely challenging number.
Not to mention the goal of 2050, the structure of wind and solar power accounting for over 60% of total power capacity will be a big challenge, requiring many synchronous and strategic solutions on mobilizing resources and opening up markets. school… to bring
That’s the potential, that’s the goal and the strategy, but realizing it is not simple. Many experts believe that to fundamentally change, it is necessary to prioritize attracting capital, and even “tear down” incentives for investors. Above all, new mechanisms and policies must be legislated to protect investors and specific and strategic business sectors.
Associate Professor, Dr. Tran Dinh Thien, economic expert, former Director of the Vietnam Institute of Economics – (Photo: NT)
In terms of capital, developing renewable electricity requires a huge initial capital. According to Power Plan VIII issued by the Government, for the period 2021 – 2030, the total estimated investment capital for developing power sources and transmission grids is equivalent to 134 million VND. 7 billion USD, of which investment for power sources is about 119.8 billion USD.
In the period 2031-2050, it is estimated that the need for investment capital to develop power sources and transmission grids is equivalent to 399.2 – 523.1 billion USD, of which investment for power sources is about 364.4 – 511.2 billion USD , power transmission grid is about 34.8 – 38.6 billion USD.
If you want to be fast and strong, you must have a breakthrough in mechanisms and specific policies
Associate Professor, Dr. Tran Dinh Thien, former Director of the Vietnam Institute of Economics, said: “There is a large amount of capital for the electricity industry, no budget is enough, we must mobilize socialized capital.”
Dr. Thien said that, “from the reality of power outages”, we must immediately think of solutions for the electricity industry to comprehensively change and then consider the possibility of replacement and conversion to green energy with 0% emissions. In the immediate future, electricity prices need to operate according to market mechanisms to help the electricity industry attract domestic and foreign private investors.
Mr. Thien said that if the electricity industry still maintains the old mechanism while the world is exploiting the daily and hourly potential of wind power, solar power and even switching to a new form of energy, hydrogen, Vietnam will will not keep up with development because the growth rate of Vietnam’s energy industry needs to be one and a half times the GDP growth rate.
According to Mr. Ha Dang Son, Director of the Center for Research on Energy and Green Growth: There needs to be general agreement between common wind power development policies between the central and local levels. In addition, there is no retroactive policy to create conditions for businesses to develop…
Mr. Ha Dang Son, Director of the Center for Energy and Green Growth Research
Mr. Son said that, after miraculous developments in renewable energy investment, Vietnam is currently slowing down while surrounding countries such as the Philippines, Thailand, Malaysia, and Singapore are stepping up investment in energy. renewable energy through policies and this is also a huge challenge for the Government of Vietnam.
“The decisive factor at this time is the price policy for renewable electricity to attract private capital into power generation, transmission and construction of large battery storage centers that need to be mentioned,” Mr. Son emphasized.
Mr. Le Manh Cuong, General Director of Vietnam Petroleum Technical Services Joint Stock Company (PVS) said: Mobilizing large offshore wind power enterprises into Vietnam is very important, billion-dollar projects, Even tens of billions of dollars are “big players” that have a pervasive impact and change the whole industry, and Vietnam cannot do without.
Mr. Cuong said that resources from wind and solar are limitless, but capital resources are finite. “If we are one day late, we lose a day. An offshore energy project takes at least 6-8 years to operate and generate electricity. If the target is 2030, Vietnam wants to have 6 GW of wind power , we must start each task from now on,” Mr. Cuong emphasized.
According to Associate Professor, Dr. Pham Hoang Luong, energy expert, Hanoi University of Science and Technology: Billion-dollar renewable power projects such as offshore wind power not only provide electricity for Vietnam but also supply electricity to regional countries. regions, like Singapore.
“We must put ourselves in the calculation chain of investors and the region, because in the future, we will have ASEAN energy connections. If a large international wind power enterprise invests in India or Singapore, then will not invest in Vietnam anymore and vice versa. Therefore, it is necessary to quickly have policies and mechanisms to attract this capital flow to invest in Vietnam, because we have ideal conditions, but what we lack is is capital and technology,” Professor Luong emphasized.
According to Prof. Dr. Hoang Xuan Co, General Secretary of the Vietnam Environmental Economics Association, the Government has very specific and effective policies to provide high support for renewable energy development. However, it is clear that in terms of implementation, there are still many problems and obstacles, causing difficulties for some renewable electricity businesses.
Mr. Co said: Green energy transformation requires a large amount of capital. The Government can build bonds and re-loan for businesses to invest in green energy transformation with low interest rates and long-term capital. In addition, encourage venture capital funds and interest rate mechanisms for businesses to consider and choose.
