Indonesia revealed concrete steps it will take to achieve a fair and affordable energy transition at the 2022 World Economic Forum Annual Meeting (WEFAM) in Davos, Switzerland.

The United Nations (UN) has affirmed its willingness to support Vietnam in establishing a partnership on energy transition with the Group of Seven (G7) nations in a letter of UN Secretary-General Antonio Guterres to Vietnamese Prime Minister Pham Minh Chinh.

Vietnam has set itself ambitious goals when it comes to climate neutrality, yet current schemes are being deemed insufficient by energy experts, who are now recommending following Europe’s framework for energy transition and carbon neutrality.

Vietnam’s ultimate priority is adaptation to the current and expected impacts of climate change. Dao Xuan Lai, assistant resident representative and head of the Climate Change and Environment Unit at the United Nations Development Programme in Vietnam, outlines the process for the country to achieve its aims.

The energy transition is changing the rules of capital markets and capital planning for energy companies.

Singaporean energy and urban development group Sembcorp Industries has signed four agreements with Vietnamese partners to support the country’s energy transition as well as its sustainable development.

Global energy giant GE has published its 2021 annual report in mid-February detailing its progress in creating a more connected, healthy, and sustainable future.

The government has taken a step-by-step approach that includes comments and discussions with Vietnam Business Forum’s Power and Energy Working Group and other private sector power and energy organisations. Based on the November draft, meetings, and follow-up requests for comments, we have the Power Development Plan VIII (PDP8) that is addressing the country’s economic, environmental, and social needs in line with international climate agreements.

The Vietnamese government is calculating an additional plan for the development of power sources in the country, considering the contingency and reduction of coal power sources following the COP26 climate summit.

The increasing proportion of clean energy such as solar and wind power in recent years has helped Vietnam diversify energy sources and reduce its dependence on imported energy, thus enhancing its national energy security, said Director of the Ministry of Industry and Trade’s Department of Electricity and Renewable Energy Hoang Tien Dung.