Vietnam and the United Kingdom agreed to promote a number of the specific renewable energy projects

Deputy Prime Minister Tran Hong Ha received Mr. Graham Stuart – UK Secretary of State in charge of Energy Security and Carbon Neutrality (Net Zero).

The Deputy Prime Minister highly appreciated the spirit of action of the UK Government, as well as Secretary of State Graham Stuart, for the implementation of the Fair Energy Transition Partnership (JETP).

In the recent time, Vietnam has had many specific activities to promote the JETP implementation roadmap such as: Establishment of a Secretariat; discussion with leaders of a number of countries expressing great interest in JETP, partner representatives, international organizations within the framework of multilateral cooperation mechanisms such as the Glasgow Financial Union for the goal of reducing net emissions to zero (GFANZ), Asia Zero Emission Community (AZEC)… The most important thing, according to the Deputy Prime Minister, is to quickly select projects and works to be implemented in practice in order to achieve them.

The Deputy Prime Minister expressed his impression of the UK's achievements in developing renewable energy projects (wind, solar power projects) to replace fossil fuel energy since 2012. These are precious experiences for Vietnam to speed up the cognitive progress, to unite actions and harmony interests of the enterprises, state, people and global with energy transition.

The Deputy Prime Minister also asked the UK to share how to implement the rooftop solar power policy, introduce enterprises that have successfully invested in wind and solar power projects, smart grids, green hydrogen, green ammonia production, large capacity electricity storage systems... with the highest efficiency and lowest cost and experience in developing policies and criteria for investor selection to ensure the best overall benefits, mechanism for direct power purchase from the renewable energy projects...

Mr. Graham Stuart informed us about the process and results of converting electricity sources using coal and fossil fuels in the UK from 2012 to renewable energy projects. Accordingly, in 2012, coal power plants accounted for 40% of total power generation and it is expected that in 2024, all coal-fired power plants in the UK will be shut down Meanwhile, the share of electricity from renewable energy will increase from 10% (in 2010) to 40% of total electricity production by 2023 and will continue to increase even more in the coming years.

The lessons learned for the UK Government were that it is necessary to develop a legal framework, commit to long-term and stable policies for investors in order to reduce risks and capital costs and support the enterprises through the working groups on the solar and wind power projects for creating the jobs in green energy … with participating and coordinating of ministries, agencies and government in progress of unlocking capital from the large financial institutions.

The DPM Tran Hong Ha and Mr. Graham Stuart agree to promote the number of specific renewable energy projects with participating the leading enterprises of the two countries for discussing and sharing natural and efficient experiences.