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A photo voltaic farm in Vietnam’s central Binh Thuan Province, which was constructed with technical help from USAID. Photograph by USAID
A undertaking funded by an U.S. help company has been launched in Hanoi to have the non-public sector interact extra in Vietnam’s renewable vitality growth.
The Vietnam Low Emission Power Program II (V-LEEP II) undertaking, introduced by U.S. Vice President Kamala Harris throughout her go to to Vietnam final August, prices $36.25 million and will likely be funded by the U.S. Company for Worldwide Improvement (USAID).
It’s constructed on outcomes of the V-LEEP I, which ran from 2015 to 2020 and can see USAID work with the Ministry of Trade and Commerce (MoIT) on growing the ministry’s Eighth Nationwide Energy Improvement Plan and design of the Direct Energy Buy Settlement (DPPA) pilot program.
The DPPA permits companies in Vietnam to buy electrical energy instantly from non-public companies producing renewable vitality, as a substitute of by means of native energy utilities. V-LEEP I additionally labored with the non-public sector to mobilize greater than $311 million to construct 300 megawatts (MW) of wind and photo voltaic initiatives.
V-LEEP II will proceed its work with the ministry to extend clear vitality deployment, by means of mobilization of personal sector funding, undertaking design help for builders, and technical help for lenders. The brand new undertaking goals to help 2,000 MW of renewable vitality commissioned between 2020 and 2025 by means of non-public sector engagement.
By way of the undertaking, USAID and Vietnam’s authorities proceed collaboration to enhance vitality planning and operations to reinforce vitality sector efficiency.
“The V-LEEP II program will likely be a cornerstone of U.S. help to Vietnam in attaining its local weather change commitments,” U.S. Ambassador Marc Knapper stated in an announcement.
On the 2021 U.N. Local weather Change Convention (COP26), Vietnam pledged to transit to a net-zero emissions financial system by 2050.
The nation may also help main statements and initiatives on forest safety, transition to renewable vitality, adaptation for native communities, and methane discount.
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