The Vietnamese government has set the ambitious goal of achieving net-zero greenhouse gas emissions by 2050, paving the way for a new development trajectory in the energy sector. This commitment goes beyond merely reducing emissions; it aims to transition to 100% renewable energy by 2050.
One of the critical directions in Vietnam’s strategy is the development of wind and solar power. With the goal of achieving 16,000 MW of onshore wind power and 7,000 MW of offshore wind power by 2030, along with 87,000 MW of solar power by 2045, Vietnam is reshaping the landscape of the renewable energy sector.
Large-scale projects such as the offshore wind power projects in the East Sea and large-scale solar farms are emerging, creating not only a substantial electricity supply but also job opportunities and stimulating economic development in local areas.
Contrary to predictions that COVID-19 would significantly impact clean energy sources, 2020 witnessed the fastest development of renewable energy to date. According to the International Energy Agency (IEA) estimates, nearly 90% of new electricity generation capacity added this year comes from renewable energy. Renewable energy is expected to become the world’s largest electricity source by 2025, replacing the position of fossil fuels.
Compared to 2010, global renewable energy capacity has increased by 500%, with solar power capacity increasing 18 times and wind power capacity increasing four times. In 2020, the stock market also noted the green performance of solar energy companies while the share value of many fossil fuel companies declined.
In Vietnam, solar and wind power have experienced robust growth. According to a report by the Electricity of Vietnam (EVN) Group, in the first six months of this year, EVN has mobilized energy from renewable sources, including 4.71 billion kWh from solar power. This figure is 5.35 times higher than the same period in 2019 (which was also a year of significant solar power development).
Solar power’s development has far exceeded the adjusted Power Development Plan VII (approved adjustment of the National Power Development Plan for the 2011-2020 period, considering up to 2030). According to this plan, the total solar power capacity (including ground-mounted and rooftop installations) was 850 MW in 2020, about 4,000 MW in 2025, and approximately 12,000 MW by 2030. The share of solar power in the total electricity supply was expected to be about 0.5% in 2020, around 1.6% in 2025, and up to about 3.3% by 2030.
Currently, Vietnam’s total installed capacity of renewable energy is about 20.7 GW, accounting for over 27% of the total installed capacity of the power system. Vietnam has become a regional leader in increasing the capacity of renewable energy sources. This reflects the commitment and efforts of the country in ensuring clean and sustainable electricity.
However, the energy transition journey is not without its challenges. Vietnam needs significant investments in finance and technology to ensure a stable energy supply and reduce investment costs. Improving energy storage systems and the flexibility of the power system are also essential aspects that need improvement to optimize renewable energy sources.
On a global scale, Vietnam is shaping a future where renewable energy is not only the primary source of electricity but also a driving force for sustainable development. With significant commitments and efforts, Vietnam can actively contribute to the fight against climate change and build a sustainable living environment for future generations.
Given the urgent needs of the energy sector, Vietnam is strongly committed to developing clean, efficient, and sustainable energy solutions. The goal by 2030 is for renewable energy to account for at least 33% of the total electricity output, increasing to 55% by 2050. This transition journey is not only Vietnam’s but also humanity’s, setting a clear example of the solidarity and necessary commitment to building a sustainable future with renewable energy.
*** References: VOV, The Saigon Times, VNExpress
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