Vietnam seeks GFANZ assistance to meet climate commitment

At the meeting, Ha briefed his guest on major difficulties faced by Vietnam in formulating legal mechanisms and policies for green transformation.

According to the Deputy PM, many investors have expressed interest in renewable energy projects but have not yet solved the technological problem related to ensuring balance and stability of the national power grid, production and use of green hydrogen and green ammonia, power storage solutions, and energy export.

Vietnam aims to completely resolve legal problems, and at the same time it is piloting a number of offshore wind and solar power projects with energy storage solutions and flexible power supply. However, it is in dire need of financial support for early implementation, he said.

In addition, he said the country hopes to receive technical assistance and expertise in building and perfecting institutions, transferring technology, and assessing the feasibility of energy and offshore wind power centres.

He suggested that GFANZ should have specific commitments on financial and technical assistance as well as technology transfer from G7 countries and international partners in the Just Fair Energy Transition Partnership (JETP) agreement signed with Vietnam.

Mary L.Schapiro for her part briefed his host on global financial institutions’ efforts in mobilizing capital for energy conversion projects as well as challenges for many economic sectors. Accordingly, she said GFANZ will spend financial resources on research, innovation and technology transfer activities in the field of renewable energy.

The GFANZ leader expected to receive clear requests from the Vietnamese side regarding capital mobilization in the international market for investment businesses in the fields of smart grid development, renewable energy, fossil energy conversion, green fuel production from solar power, and offshore wind power.