Focusing on developing renewable energy sources – The solution for achieving Cop26 conference outcomes

Eight missions and solutions have been established to implement the outcomes of the 26th Conference of the Parties to the United Nations Framework Convention on Climate Change (COP26). One of the missions, the solutions is to focus on developing renewable energy sources with no new emissions, energy storage technology, and carbon capture, utilisation and storage technology.

 On July 25, the Prime Minister issued Decision No. 888/QD-TTg, which approved the scheme on missions and solutions for implementing the outcomes of the 26th Conference of the Parties to the United Nations Framework Convention on Climate Change. The scheme’s overall goal is to actively engage in the global trend of low-carbon development, mobilize resources, innovate technologies to shift the growth model, restructure the economy, and contribute to global climate change response efforts. Furthermore, the scheme builds and implements comprehensive missions and solutions to respond to climate change and energy transition in order to meet its commitment to achieving “zero” net emissions by 2050.

The scheme also aims to achieve specific goals such as: completing a synchronous legal corridor to encourage, promote, and create conditions for low-carbon development, reduce emissions; promoting activities to reduce greenhouse gas emissions in the fields of energy, transportation, construction and agriculture materials production, waste treatment; synchronously and effectively implementing activities to adapt to climate change, restore resources and ecosystems…The scheme sets a target for the ratio of renewable energy sources, including hydropower, wind power, solar power, and biomass electricity, accounting for at least 33 percent of total electricity generation; reducing the share of fossil fuel sources; and participating in international energy organizations. The scheme also aims to develop new zero-emission energy projects such as the production of green ammonia fuel, green hydrogen, and so on; the development of energy storage technologies such as pumped-storage hydroelectricity, storage batteries, and heat storage on the smart grid, as well as the stability and high-rate integration of renewable energy in the power system. The scheme’s specific goal is to establish a carbon credit offset exchange mechanism and a domestic carbon credit trading market so that by 2030, the domestic carbon market will be operational and connected to the carbon markets of other countries in the region and the world.

Prime Minister Chinh, Pham Minh speaks at COP26 conference (Internet photo)

The scheme developed 8 missions and solutions to achieve these goals. One of the missions and solutions is to Focus on developing renewable energy sources with no new emissions, energy storage technology, carbon capture, utilisation and storage technology. It is very important to develop renewable energy projects; research, development, and use of green hydrogen fuel and green ammonia; energy storage; and the development of carbon capture, storage, and use technologies. Increasing electrification and energy efficiency in civic, industrial, and transport industries; smart grid development, operating new energy sources, flexible power sources… Another mission is to investigate the establishment of the National Renewable Energy Center to develop human resources, transfer technology, and share experiences and national governance in this field; as well as investigate minerals, research and develop new materials and technologies for energy transfer and storage.

Specifically, 8 missions and solutions to implement COP26 conference findings include:

• Synchronously complete mechanisms, policies and laws, promote the reform of administrative procedures, improve the business investment environment.
• Focusing on developing renewable energy sources with no new emissions; energy storage technology, carbon capture, utilisation and storage technology.
• Promote emission reductions in transportation and greenhouse gas emissions reductions in the building materials manufacturing sector; urban development and green building
• Development of ecological, circular, low-carbon emission agriculture; forest protection, conservation, usage, and sustainable development
• Natural resource protection and restoration, as well as natural ecosystem development
• Proactively adapt to climate change
• Scientific research, creative innovation, capacity and communication building
• Promoting climate diplomacy

Renewable energy is focused on developing to implement COP26 conference outcomes

Funds for scheme implementation will be sourced from the state budget, socialization sources, mobilization sources from organizations and individuals, and other reasonable sources of funding, while also mobilizing cooperation and support from international organizations, development partners, funds and financial institutions in domestic and international, encouraging private sector investment in low-carbon development projects. Furthermore, promote the development of the domestic carbon market to expand funding sources for low-carbon emissions.

Read the full text of the Prime Minister’s Decision No. 888/QD-TTg dated July 25, 2022:

[pdf id=’21287′]

Vu Phong Energy Group

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