Posted on 10 December 2020
Viet Nam Corporate Energy Leaders: a new initiative to drive the transition to renewable energy in Viet Nam
Hanoi, 10 December, 2020 -
The Viet Nam Corporate Energy Leaders (VCEL) initiative was announced today at the Viet Nam Corporate Sustainability Forum 2020 in Hanoi. The new initiative, co-founded by WWF and the Viet Nam Business Council for Sustainable Development - Viet Nam Chamber of Commerce and Industry (VCCI), in partnership with the Clean Energy Investment Accelerator (CEIA), invites leading business in Viet Nam to seize their power by choosing renewable energy to drive greener production and create new opportunities for sustainable growth in a globally competitive Viet Nam.
“I am very proud to announce the Viet Nam Corporate Energy Leaders initiative today,” said Dr. Benjamin Rawson, Conservation and Program Development Director at WWF-Viet Nam. “We welcome all international and domestic companies and banks in Viet Nam with renewable energy ambitions to join VCEL. Your renewable energy future awaits!”
Often energy is treated as merely a cost to be managed, even in companies that spend millions or more directly on it each year. But more companies are embracing renewable energy as an affordable solution that delivers a competitive edge in a global market where customers and the public are increasingly interested in sustainable production and environmental performance.
Non-hydro renewable energy deployment has rapidly ramped up in recent years, growing to about 12,5% and far exceeding the target set in in Viet Nam’s Power Development Plan VII I (revised). However, 100% renewable energy (RE) by 2050 to support sustainable development is entirely feasible for Viet Nam, according to WWF’s Power Sector Vision report
To help achieve this goal, VCEL engages and supports companies to unlock opportunities for renewable energy. VCEL and its members will help Viet Nam to reduce emissions to meet the goals of the Paris Agreement, create green jobs and drive the transition to a greener economy powered by renewable energy.
“Companies have a unique opportunity to lead the transition to renewable energy and more ambitious climate action. In recent years, government policies have made conditions more favorable for renewable energy, but there are still challenges for companies that have growing demands for renewable energy. VCEL will bring businesses, experts, financial institutions and investors together to overcome barriers to build a renewable energy future in Viet Nam,” said Mr. Nguyen Quang Vinh, Secretary General cum Vice President, Viet Nam Business Council for Sustainable Development (VBCSD), Vietnam Chamber of Commerce and Industry.
- Create a corporate community to share information, experience and learnings
- Provide market intelligence and local expertise to inform decision making and build renewable energy awareness and capacity
- Build strong local relationships to channels buyers’ collective voice and needs into decision making processes
- Inform companies on green financing opportunities
- Recognize renewable energy leadership as companies set and work towards ambitious sustainability commitments
VCEL is the latest chapter of WWF’s global Climate Business Hub and Corporate Renewable Energy program, which are local-to-global networks that support companies to drive the transition to a sustainable future powered by renewable energy.
Current VCEL members include H&M, Adidas, Puma, Luc Dong, Viet Nam Banking Association, DEEP C, TPSC and EnergyEstate, all of whom commit to taking concrete action to support RE deployment.