Deputy Prime Minister Tran Hong Ha (right) and Mary L Schapiro, vice chairwoman of the Glasgow Financial Alliance for Net Zero (Photo: VNA)

Hanoi (VNA) – Deputy Prime Minister Tran Hong Hahosted a reception on March 27 for Mary L Schapiro, vice chairwoman of theGlasgow Financial Alliance for Net Zero (GFANZ).

Vietnam is facing difficulties in establishingmechanisms and policies for green transition, the Deputy PM said, noting that many investors have expressed interest in renewable energyprojects but have yet to solve technology-related challenges concerningensuring the balance and stability of the national power grid, producing andusing green hydrogen and ammonia, energy storage solutions and electricityexport.  

Vietnam aims to address legalobstacles in the near future while simultaneously piloting offshore wind and solarpower projects with energy storage solutions, and flexible power supply, hesaid. 

The Deputy PM emphasised that Vietnam has built some energytransition projects such as enhancing capacity of hydropower plants in combinationwith solar and wind power, developing biomass electricity, transitioning to green transportation, reducing methane emissionson over 1 million hectares of rice fields and developing 5,000 MW of rooftopsolar power, but financial support is required to carry them out soon.

Vietnam hopes to receive technical assistance and expertisein devising and perfecting institutions, transferring technology and assessing thefeasibility of energy centres and offshore wind power, the official said.

He suggested that GFANZ establish clear financialmechanisms regarding the responsibilities of stakeholders, including Government,financial institutions and businesses, the specificity of funding sources for the renewable energy sector, and promptly materialise them through projects.

The Deputy PM also said that the alliance should have specific commitments relatingto finance and technology transfer from G7 countries and international partnerswithin the Joint Energy Transition Partnership (JETP).

Schapiro, for her part, said GFANZ will allocate financialresources for research, innovation, and technology transfer in the renewableenergy sector.

She said she expects to receive clear requests and proposalsfrom♔ Vietnam's ministries and sectors regarding mechanisms for mobilising fundsin the international market for enterprises investing in smart griddevelopment, renewable energy, fossil energy transition, green fuel productionfrom solar and offshore wind power./.