Wednesday, Jun 29, 2022
International Finance
Featured Renewable energy

Sweden and Vietnam expand energy cooperation

Sweden Vietnam energy_IFM_Image
Both parties to increase cooperation in sustainable energy development

Sweden and Vietnam have expanded their energy cooperation and will further focus on sustainable energy development, media reports said. According to local media, Ann Mawe, Swedish Ambassador to Vietnam said in an interview that both Sweden and Vietnam have conducted regular seminars to offer chances for major energy firms, in addition to stepping cooperation at the governmental level.

Vietnam is set to double the use of renewable energy in the county by the end of this decade. The country is also planning to cut carbon emissions by 15 percent during the period by reducing the usage of coal. By the end of 2045, the country plans to cut emissions by 20 percent.

According to the Vietnamese government, renewable energy sources such as solar and wind will contribute 15 to 20 percent of the country’s total energy generation by the end of 2030. Currently, Vietnam produces around 10 percent of its energy from renewable sources.

It was reported that by doing so, Vietnam will be able to implement the 2015 Paris climate accord, in which it pledged to cut greenhouse gas emissions on its own by 8 percent, or 25 percent with foreign aid, by 2030.

To cut emissions, countries must get rid of coal-fired plants which still remain the primary source of energy in many developing countries including Vietnam. Said that, Vietnam provides opportunities for alternative energy sources and the country is tapping into them.

In February, Sunleap Group signed a 20 year Power Purchase Agreement (PPAs) to supply clean energy to Vietnam, media reports said. Sunleap signed the agreement with Vietnam Electricity. It will generate the solar energy from seven newly commissioned solar plants in the country.

Leave a Comment

* By using this form you agree with the storage and handling of your data by this website.