Hanoi (VNA) – Offshore wind power will be fundamental to delivering Vietnam’sgreen transition goals, said Stuart Livesey, the Vietnam Country Director forCopenhagen Offshore Partners (COP) - the offshore wind project developer ofCopenhagen Infrastructure P♉artners (CIP).

CIP is implementing La Gan offshore wind projectin the central province of Binh Thuan. Speaking on thesideline of the release of the 2022-2023 Whitebook “Working Toward a GreenEconomy and Sustainable Development” by the European Chamber of Commerce inVietnam (EuroCham) on February 16, Livesey said that currently, Vietnam’soffshore wind resource is relatively untapped, and establishing this industryhas many benefits in comparison to other renewables. Offshore windpower will likely be much cheaper and more sustainable than other energy sources,and can utilise many of Vietnam’s existing and future labour force and supplychains, he said. However, the official added that it is fundamentally impossible to deliver a commercial offshore windfarm in Vietnam due to a lack of necessary regulatory framework and a lack of flexibility for the offtake of energy to transition toallow for these offshore mega-projects. Both nationaland international developers and investors are keen to invest in offshore windin the Vietnam market. However, thedelays in key decision-making requirements and lack of ownership by aspects ofthe government to enable this industry could result in huge delays to greenenergy targets. Delays will cause billions of dollars of direct in-country investment, andpotentially deter global investors from pursuing Vietnam when so many otheremerging markets strive for their own offshore wind goals, he said. For largeinternational developers, ESG (Environmental, Social, and Governance) isincreasingly important as part of their working policy, as these companies needto meet IFC (International Finance Corporation) standards to satisfy lendersand international organisations that have high standards to meet. “Regulationsshould recognise the need to use these internationally recognised standards toestablish qualified and transparent procedures on large-scale infrastructureprojects,” he recommended. Talking aboutthe need for green energy development in Vietnam, Livesey said that Vietnam has made some boldand commendable targets at COP26, actively taken a stance to combatclimate change, and paid more attention to green energy generation for today and future generations. “Green andsustainable energy is critical for both the future of Vietnam and its predictedgrowth, where there are needs from its people, and the industries and theglobal supply chain Vietnam provides,” he said. Countries andsuppliers around the world are now setting their targets for green-sourcedsupply chains and green energy. Many of thosehave strong commitments to the energy transition, so Vietnam must speed up the transition tomaintain its position as a key export market in Southeast Asia, he said./.