Vietnam's renewable energy potential
Although the Wärtsilä Energy report does not specifically mention Vietnam, the strategies and roadmaps outlined in the report can be applied to Vietnam, especially in the context of increasing national energy demand.
According to analysis from the Wärtsilä Energy report, countries need to develop renewable energy with a combination of flexible technologies such as energy storage batteries and flexible power plants. Vietnam has great renewable energy potential and can take advantage of these energy sources, especially solar and wind, to contribute to the Net Zero2050 target.
The report points out that global renewable energy can help reduce CO2 emissions by 20% by 2050. However, Vietnam can contribute to this goal if it deploys large-scale renewable energy projects in the central and southern regions, where there is high solar radiation and strong wind potential.
In addition, Vietnam has great potential for the use of biomass and hydropower, especially in mountainous areas and large rivers. The development of renewable energy not only helps reduce dependence on fossil fuels but also enhances the country's energy self-sufficiency, ensuring long-term energy security.
With the Net Zero 2050 target set by Vietnam, it is not only an international commitment within the framework of the Paris Agreement but also a necessary direction for sustainable development. Therefore, the Ministry of Industry and Trade of Vietnam has recently officially approved the National Power Development Plan for the period 2021 - 2030, with the goal of achieving 50% of electricity capacity from renewable energy by 2030, towards achieving the Net Zero target by 2050.
With the current growth rate of electricity demand, Vietnam will need to accelerate the development of renewable energy projects in the coming years to not only reduce greenhouse gas emissions but also meet the growing electricity demand. Renewable energy roadmaps combined with flexible technologies such as energy storage batteries and gas-fired power plants will help the country maintain grid stability as the proportion of renewable energy increases.
Mr. Anders Lindberg, President of Wärtsilä Energy and Senior Vice President of Wärtsilä Group, said that the world is racing on an increasingly narrow path to achieve the goal of Net Zero by 2050. However, in the current context, Vietnam is still in the process of preparing large-scale renewable energy projects and promoting international cooperation to develop clean energy solutions. Perhaps, this journey will encounter some major barriers, especially in terms of power transmission infrastructure, investment costs and new technology.
Solving the challenge of energy transition
According to Mr. Anders Lindberg, to achieve the Net Zero 2050 target, countries need to focus on developing renewable energy combined with flexible technology and energy storage. The Wärtsilä Energy report has proposed two main routes to achieve this goal.
Specifically, in route 1, renewable energy combined with energy storage batteries. This is a solution to help reduce power shortages during peak hours or when renewable energy sources cannot provide enough energy. Accordingly, Vietnam can promote the development of energy storage battery projects in the Central and Southern regions, where there is a lot of wind and solar potential.
Under Path 2, flexible balancing, Vietnam needs to combine renewable energy sources with flexible technologies, including gas-fired power plants or flexible power plants powered by sustainable fuels. The aim is to maintain grid stability during times when renewable energy is not sufficient to meet electricity demand. Flexible gas-fired power plants can provide electricity when renewable sources are not efficient, while reducing dependence on coal and oil.
Ms. Malin Östman, Vice President, Market Development and Strategy Wärtsilä Energy pointed out that the deployment of flexible power plants helps save the total cost of future power systems by up to 42%, equivalent to approximately EUR 65 trillion; at the same time, reducing emissions by 21% when integrating flexible power plants; reducing wasted energy by 88% and reducing renewable energy capacity and land use by 50%.
However, both of these routes still face many challenges. The first is the power transmission infrastructure. In fact, upgrading the power grid system in Vietnam is facing many difficulties in receiving and distributing renewable energy from solar and wind power sources. Meanwhile, the power grid needs to be improved, expanded and upgraded to meet the increasing demand for electricity, especially in areas without sufficient infrastructure.
The second difficulty is the high investment cost. Because investing in new technologies such as energy storage batteries, flexible power plants and renewable energy requires a large amount of capital. It is expected that the total cost of developing renewable energy and flexible technology will reach 155 trillion Euros in the next 25 years globally, not just in Vietnam. However, Vietnam needs a significant investment to develop infrastructure and technology.
Third is ensuring stability. Although Vietnam has potential for renewable energy, it lacks stability due to its dependence on weather conditions (wind, sunshine). Therefore, building flexible power plants and energy storage systems is extremely important. However, this issue also requires investment in new technology and transmission infrastructure.
To solve the above problem, analysts say that Vietnam needs to have policies to support investment in renewable energy projects, especially tax incentives and subsidies for businesses investing in sustainable energy. Specifically, Vietnam needs the participation of the industry, the Government and the people.
Accordingly, the Vietnamese Government needs to accelerate reforms and develop supportive policies for the renewable energy sector, while encouraging investment in flexible and energy storage technologies. In addition, pilot projects need to be implemented to demonstrate the effectiveness of new technologies, thereby attracting investment resources for sustainable energy transition.
Source: https://doanhnghiepvn.vn/cong-nghe/chuyen-doi-nang-luong-tai-tao-de-viet-nam-huong-toi-muc-tieu-net-zero-2050/20241216091418592
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