COP28: WWF joins forces with MONRE and HSBC to drive collective efforts and actions for energy transition in Viet Nam

Posted on December, 08 2023

COP 28, Dubai December 5, 2023: In collaboration with the Ministry of Natural Resources and Environment (MONRE) and HSBC, WWF organized a special event highlighting “Energy Transition towards Net Zero: Efforts and Actions from Different Stakeholders”. This gathering aims to showcase initiatives, solutions to accelerate renewable energy adoption, enhance energy efficiency, and mobilize the participation and support of relevant stakeholders in the energy transition pathway, thereby contributing to Viet Nam's sustainable, Net Zero future.

In 2023, Viet Nam introduced the National Energy Master Plan, targeting renewable energy to contribute up to 20% of primary energy by 2030, rising to 85% by 2050. The country is actively promoting its energy transition across all sectors, yet substantial international financial support is essential. As estimated by PDP8, Viet Nam will need approximately USD 135 billion by 2030 and USD 523 billion by 2050 to realize its ambitious goals.

The event featured representatives from government bodies, donors, development partners, NGOs, private sector entities, and research institutions. Key discussions of the event focused on the priorities of the Government of Viet Nam regarding the energy transition, and the important role of the private sector and financial institutions to reach the Net Zero target. Attendees had the privilege of gaining valuable insights from esteemed partners, including the Danish Energy Agency and HSBC, who shared their strategic programs and lessons-learnt to support Viet Nam in the energy transition.

At the event, WWF also presented case studies and best practices to support the energy transition in Viet Nam. It can be seen in terms of three perspectives: supporting effective governance; supporting the private sector; and supporting the community. In particular, a study titled “Viet Nam's Energy Sector Vision: Toward 100% Renewable Energy by 2050" was introduced. The report shows that the target of 100% renewable energy by 2050 is both feasible and cost-effective for Viet Nam. It is achievable by maximizing the utilization of renewable energy for electrification and replacing remaining fossil fuels with renewable fuels including biomass and green hydrogen in all economic sectors, especially industry and transportation which are the two largest energy consumers.

“As we aspire to achieve Net Zero, the transition to sustainable energy stands as a foundational condition for Viet Nam. Through thorough research and forward-thinking, WWF has crafted a visionary scenario for the future of Renewable Energy aimed at mitigating the impacts of Climate Change, securing stable resources, and ensuring the well-being of society. We wholeheartedly support the Vietnamese Government's sustainable development goals, and we are enthusiastic to collaborate with other partners and stakeholders, driving initiatives for energy transition, promoting clean energy, and leading Viet Nam towards a sustainable energy future”, Ms. Pham Cam Nhung, Climate and Energy Lead said.

Mr. Ole Emmik Sorensen, Director for Global Cooperation, Danish Energy Agency (Ministry for Climate, Energy and Utilities), sharing the experience of Denmark's Green Transition and key learning from the Energy Partnership with Viet Nam during the event.

Panel discussion on Collaboration and Finance in Energy Transition, moderated by Dean Cooper, Global Energy Lead at WWF International.