Vietnamese, Canadian firms step up clean energy development partnership

At the event, jointly held by the Canadian Consulate General in the southern economic hub and Canada-ASEAN Business Council (CABC), experts introduced numerous collaboration solutions.

Ranjith Narayanasamy, President and CEO of the Petroleum Technology Research Centre (PTRC), stated that carbon capture, utilisation, and storage (CCUS) play a crucial role in reducing greenhouse gas emissions and developing clean energy. The PTRC has been involved in a research project sponsored by the Asian Development Bank (ADB) to test related technologies in Vietnam.

However, many participants, including representatives of domestic businesses, expressed concerns. They highlighted that the development and application of CCUS technologies in Vietnam are facing numerous challenges, as they require large-scale testing and experimentation, and substantial investment.

Michael Smart, Export Development Canada (EDC)’s business development lead for Asia and Indo-Pacific, stated that EDC has specific financial solutions for climate-related projects. Since 2012, the state-owned enterprise has provided over CAD35 billion for clean technology application projects.

Boris Jacouty, Director of Business Development – Infrastructure at the Canadian Commercial Corporation (CCC), mentioned that CCC assists foreign partners in seeking opportunities for joint works with Canadian firms and in benefiting from the Canadian government's contract guarantee mechanism. In the 2021-2022 period, the value of contracts supported by CCC amouted to US$6.5 billion.

According to the Canadian Consulate General, as part of JETP, which Vietnam signed with the G7 countries, Canada will mobilise US$15.5 billion from private sector and government sources in the next three to five years to aid Vietnam's green transition process.