Power Plan VIII aims to strongly develop renewable energy sources (RE) for electricity production. By 2050, the renewable energy ratio is expected to reach 67.5-71.5%. Greenhouse gas emissions from electricity production will be controlled to reach about 204-254 million tons in 2030 and about 27-31 million tons in 2050.
Power Master Plan VIII aims to achieve a peak emission level of no more than 170 million tons by 2030 (provided that commitments under JETP are fully and substantially implemented by international partners). Build a smart grid system capable of integrating, safely and effectively operating large-scale renewable energy sources.
In addition, develop power sources from renewable energy and produce new energy for export. By 2030, the scale of electricity export capacity is expected to reach about 5,000-10,000 MW.
The plan sets out the orientation of not building more coal-fired thermal power plants after 2030, gradually mixing and switching to biomass fuels or ammonia; prioritizing the development of gas-fired electricity and also orienting to gradually switch to mixed fuel combustion, moving towards completely burning hydrogen and ammonia in the long term and not developing new LNG power sources after 2035.
In particular, the Plan has proposed various load options and source development options (taking into account many aspects and development perspectives), balancing source types; reducing long-distance transmission; increasing the scale of solar, wind, and biomass power sources and prioritizing self-produced and self-consumed solar power (off-grid).
By 2030, the proportion of coal-fired thermal power in the source structure will decrease from nearly 29% in 2020 to 20.5% in 2030. The proportion of electricity produced from coal-fired power sources will rapidly decrease, from 46.5% in 2020 to 34.8% in 2030.
Meanwhile, the proportion of gas-fired power sources will increase from 10.2% (7.08GW) in 2020 to 21.8% (32GW) in 2030. This source emits less greenhouse gases and is more flexible in supporting renewable energy sources. Electricity produced from gas-fired power sources will increase in proportion, from 12.5% in 2020 to 25.5% in 2030.
Renewable energy sources (including hydropower, solar power, wind, biomass) increased from 38.2GW in 2020 to 73.78GW, especially wind, solar, biomass power sources... increased from 17.4GW in 2020 to more than 44.4GW in 2030.
The proportion of total renewable energy sources in the capacity structure will account for 50.3% in 2030, although the proportion of hydropower will decrease sharply due to low potential (from 30% to 20%). Electricity produced from renewable energy sources will account for 36% in 2030.
The VIII Power Plan also identifies options for power source development, power grid development, grid connection with countries in the region, orientation for rural power development, orientation for industrial ecology development and renewable energy services, and investment capital needs. Accordingly, the estimated total investment capital for power source and transmission grid development in the 2021-2030 period is equivalent to 134.7 billion USD.
The 2031-2050 orientation estimates the capital investment demand for developing power sources and transmission grids equivalent to 399.2-523.1 billion USD, of which investment for power sources is about 364.4-511.2 billion USD, and power transmission grid is about 34.8-38.6 billion USD, which will be determined in subsequent plans.
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