GWEC AND GLOBAL INDUSTRY LEADERS STAND READY TO SUPPORT VIETNAM IN ITS GREEN TRANSITION

2 December, Dubai | The Prime Minister of the Socialist Republic of Vietnam, Pham Minh Chinh officially announced the Resource Mobilization Plan to implement the Political Declaration on establishing the Just Energy Transition Partnership (JETP) yesterday, signalling the country’s determination to deliver on their energy transition goals. 

The Global Wind Energy Council (GWEC), the Ministry of Planning and Investment (MPI) of the Government of Viet Nam, and the Embassy of Viet Nam in the United Arab Emirates (UAE) successfully co-organised the Viet Nam Business Forum: Mobilizing Resources for the Green Transition today, gathering 160 key stakeholders for the Green Transition.

Held alongside the 2023 United Nations Framework Convention on Climate Change (COP28), the high-level forum was co-chaired by the Prime Minister of the Socialist Republic of Vietnam, Pham Minh Chinh, with Ben Backwell, CEO of GWEC – an organisation that represents renewable energy (RE) developers responsible for 70% of global wind power capacity. The business forum convened ministerial leaders, local authorities, embassies, international organisations, and experts in the offshore wind supply chain. Major wind power developers, potential RE buyers and leading financial institutions also participated. 

RE is key in facilitating the green transition. Its share in the global generation of all energy sources is expected to increase from 28% in 2021 to 69% in 2030, accounting for 11,000 GW of global installed RE generation capacity [1]. Among the RE sources, offshore wind stands out as a solution that provides large scale, locally-sourced clean power, boosting energy security and providing sustainable economic growth and jobs in the market over the long term. Vietnam currently boasts a significant wind power potential capacity of 600 GW [2], amplifying the strategic significance of the business forum. The country is in an opportune moment to unlock the economic prospects of RE and fulfill its net zero commitments through wind power development.

The “Viet Nam Business Forum” facilitated discussions between domestic and international delegates to develop the financial and policy frameworks needed to accelerate Vietnam’s green transition, especially in offshore wind development. The policies aim to unleash the country’s wind energy potential, positioning the country as a top RE supply chain hub and attract significant private sector investments, driving growth in the country’s manufacturing base and supporting the overall green transition.