PVN starts strategy for developing hydrogen and offshore wind power projects

Speaking at the ceremony, Mr. Andrew Jeffries - ADB Country Director for Vietnam shared that establishing a partnership to coordinate and cooperate in the activities is interesting for both sides. As a multilateral financial institution and a catalyst organization for global and regional climate funds, ADB commits to support PVN through policy, technical consultations, investment funds, as well as to mobilize co-finance from other financial sources.

On behalf of the PVN leaders, Mr. Pham Tien Dung - Deputy General Director of the group expressed his pleasure that PVN is the first unit to establish a partnership with ADB for developing clean and sustainable energy in Vietnam. Mr. Dung also proposed ADB with its professional ability and experience in the energy transition and economization will support PVN and its member units in green energy transition, forwarding to GHG emission reduction that Vietnam committed at COP26.

Mr. Dung also informed that PVN is currently trying to research strategic solutions on the green energy transition with an aim to the value chain of Vietnam's oil and gas industry in the direction of increasing the ability for adapting to climate change in the oil and gas field as well as expanding activities into the new and renewable energy sector.

The PVN-ADB MOU includes the following items:

1/ Strategy and roadmap for the green energy transition.

2/ CO2 capture, use and storage.

3/ Developing the hydrogen industry and offshore wind power projects.

To support the initial activities under MOU, ADB will use its technical assistance and mobilize other additional funds, including a fund from the Australian Government for developing the strategy and roadmap for the green energy transition of PVN