GFANZ expects to work closely with Vietnam on energy transition
The Glasgow Financial Alliance for Net Zero (GFANZ) wishes to work closely with Vietnam in the energy transition process, Executive Director for Public Policy at the GFANZ Alice Carr told Deputy Prime Minister Tran Hong Ha on July 13.
Hanoi (VNA) – The Glasgow Financial Alliance for Net Zero (GFANZ) wishes to work closely with Vietnam in the energy transition process, Executive Director for Public Policy at the GFANZ Alice Carr told Deputy Prime Minister Tran Hong Ha on July 13.
During his reception on in Hanoi, the Deputy PM shared solutions and roadmaps for achieving thecommitment of reducing greenhouse gas emissions to zero and the Just EnergyTransition Partnership (JETP), along with other ongoing initiatives in Vietnam.
Vietnamhas made thorough preparations to select effective and practical projects, hesaid, wishing that along with the governments of countries, the GFANZ actively leads the process of implementing Net Zero and JETP.
Vietnam now has renewable energy projectsrelated to wind and solar power with a capacity of around 9,000 MW. TheNational Power Development Plan for the 2021-2030 period, with a vision to 2050(Power Plan VIII), allocates a significant space for renewable energy. Thisincludes plans to build offshore wind farms, develop rooftop solar power,establish smart grids, ensure the balance and stability of the energy system,and encourage self-generation and on-site consumption of solar power.
He said several pilot energy transition projects will beassigned to Vietnamese firms, adding that Vietnam prioritises green transitionprojects in transportation and agriculture.
In addition, Vietnam is interested in education, training,and research in renewable energy and new fuels. Vietnam hopes that the GFANZ willshare its experience in developing renewable energy in developing countries,thereby establishing effective connections and collaboration with Vietnam, hesaid.
Carr, for her part, said the involvement of GFANZ and its member financialinstitutions is important to formulate specific plans and priorities in theenergy transition process and the development of a green economy.
She emphasised the need to swiftly create a global financialpolicy framework to drive the JETP.
The GFANZ wishes to work closely with Vietnam in the energy transitionprocess, identify priority areas based on comparative advantages, such asdeveloping smart grids, offshore wind power, studying new technologies forproduction, storage, transportation and use of new fuels, she said.
The GFANZ leader expressed her desire to join activitiesof the JETP’s Secretariat and pilot projects on energy transition, saying that GFANZwill allocate financial resources for technological inn🐻ovations in smart gridsystems, fossil fuel transition, and other related initiatives./.
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At the reception (Photo: VNA) 
