The national power development plan for the 2021-2030 period, with a vision to 2050 (Power Plan 8), has just been approved by the Prime Minister and is highly anticipated by investors.
But the most anticipated are wind and solar power investors, because this planning pays special attention to and prioritizes the development of renewable energy so that Vietnam can successfully implement a fair energy transition, in line with the green transition trend and reduce emissions.
According to Power Plan 8, oriented to 2050, the proportion of renewable energy will reach 67.5% - 71.5%. Of which, by 2030, greenhouse gas emissions from electricity production will be controlled to about 204-254 million tons and reduced to about 27-31 million tons by 2050.
The plan also sets a target that by 2030, 50% of office buildings and 50% of residential houses will use self-produced and self-consumed rooftop solar power (serving on-site consumption, not selling electricity to the national power system); forming inter-regional industrial and renewable energy service centers in all three regions of the North - Central - South. Vietnam even aims to develop renewable energy sources for export (with an export scale of about 5,000-10,000MW by 2030).
Since March 2021, the European Parliament has voted to require importers to report the amount of emissions contained in imported goods. Although this regulation will not take effect until early 2026, import contacts have already requested manufacturers to inventory carbon emissions during production and temporarily suspend orders that do not meet green criteria. "Greening" will be a global trend. Accordingly, Vietnam's export orders are at risk of a sharp decline if these requirements are not met. Vietnamese enterprises will be eliminated from the game or chain if they do not use green energy.
Therefore, the promulgation of Power Plan 8 not only meets the requirements and inevitable trends of energy conversion in a timely manner but is also an opportunity to anticipate the "greening" trend that is spreading around the world. In the short term, this plan will also resolve the shortcomings of renewable energy, first of all "rescuing" a series of stuck wind and solar power projects. However, to effectively implement Power Plan 8, the Ministry of Industry and Trade must closely monitor the plan, avoiding massive development that leads to excess power but still lack of electricity. In addition, it is necessary to solve the problem of power source structure, combining renewable energy with traditional sources such as coal power, gas power, etc. The biggest challenge in implementing this plan is how to ensure Vietnam's commitment to the international community on green energy while still ensuring energy security, especially adjusting costs to suit people's ability to pay and attract investors.
The Ministry of Industry and Trade, together with ministries, sectors and localities, should promptly complete and submit to the Government the draft revised Electricity Law and the Law on Renewable Energy to submit to the National Assembly in 2024; submit to the Government to issue policies for direct electricity trading. At the same time, continue to work with investors, carefully review regulations and commitments, and agreements between parties to thoroughly handle renewable energy projects that are facing difficulties in implementation, and report to the Prime Minister on issues beyond their authority.
Another important point is that the capital demand for Power Plan 8 is very large (134.7 billion USD for the 2021-2030 period and about 399.2-523.1 billion USD for the 2031-2050 period). The State needs to focus on investment and encourage economic sectors to develop rapidly on the principle of fair competition, implementing a market mechanism on electricity prices, ensuring harmony of interests between investors - electricity businesses and electricity consumers.
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