As reported, on November 1, 2021 in Glasgow, Prime Minister Pham Minh Chinh announced that "Vietnam will achieve net zero greenhouse gas emissions by 2050". This commitment will have a huge impact on Vietnam's energy system. We can see that the upcoming trend in Vietnam will be to gradually reduce fossil fuels and increase renewable energy.

So what specifically did Vietnam do to be able to fulfill its commitments at COP26?

Net Zero Commitment - The changing energy landscape

Wind power in general and offshore wind power in particular is one of the renewable energy sources that can help Vietnam achieve its Netzero commitment by 2050.

Mr. Mark Hutchinson, Chairman of the Southeast Asia Working Group, Global Wind Energy Council (GWEC) shared: “To achieve the set target, the Government of Vietnam is continuing to review, complete improve the draft Power Master Plan 8 to increase the share of renewable energy, including wind power, significantly.”

Wind power - An opportunity for Vietnam to fulfill its NetZero commitment by 2050

According to GWEC's point of view, for Vietnam to achieve its Netzero commitment by 2050, Vietnam needs a combination of renewable energy development and fossil fuel elimination, and increased reserve flow to grid, remove carbon from the atmosphere, increase flexibility in electricity demand, enhance grid development, build flexible electricity price mechanism and many other policies and activities.

In terms of wind costs, GWEC reckons that more than 67% of offshore wind costs have been cut globally between 2013 and 2022. And it is expected that an additional 30% cost reduction will be achieved in the next 5 years.

The cost of conductive electricity has decreased by a quarter in the last 10 years and will continue to decrease thanks to the development of science and technology, with larger and more efficient turbines (20MW turbine by 2030); Higher power factor results in increased power output, increased cost-effectiveness in installation/operation and maintenance, and increased harbor capacity efficiency. In addition, the developer's experience helps to reduce installation time (from 3 to 1 day/MW), minimizing risks for investors in developed markets, thereby lower financial costs.

In addition to recommending to allow 4-5 GW of offshore wind power initially to enjoy the FIT mechanism, the GWEC representative also noted the assessment of challenges in power integration and proposed appropriate solutions - studying other power grids for solutions reference.

Note the transmission problem, Dr. Peerapat Vithaya Sricharoen, Renewable Energy Systems Integration Unit (RISE), International Energy Agency (IEA), said: “The challenge for the integration of wind and solar power is often smaller than anticipated. Initially, because the power system already has the flexibility to integrate wind and solar power. In addition, there are 4 main factors that increase the flexibility of the power system: power plant, power grid, electricity storage, and demand management. As a result, the integration of high renewable energy rates will become safe, reliable and cost-effective.

“The transmission line is expanded, allowing electricity trading between regions. With a high share of wind and solar power, cross-border trade needs to be expanded to minimize the cut rate.” - Dr. Peerapat Vithaya Sricharoen suggested.

Vietnam's transmission grid infrastructure needs to be upgraded

Building a long-term strategy to develop the power system in the future

At the seminar on Economical and efficient use of energy, recently held by VietnamNet newspaper, energy expert Do Thi Viet Ha commented: “Vietnam's commitment at COP26 will have a great impact on the energy system. in the direction of gradually reducing fossil fuels, increasing the content of renewable energy.

But to put renewable energy into practice is not simple and increases production and operating costs.

Looking at the current reality of reducing capacity of wind and solar power plants, Ms. Do Viet Ha noted: "With the price of electricity falling, renewable energy resources as a prop for energy security can only be right when Our electricity industry is at a relatively high level like that of developed countries, where having hardware systems, lines, stations, control systems, SCADA, and smart grids has achieved a certain achievement. To achieve such infrastructures, it is necessary to have a roadmap, investment money and time to build, absorb, or transition. I believe and hope that time will come soon in our endeavors.”

Applying renewable energy into practice takes a long process

But before that happens, Ms. Do Thi Viet Ha also said that we still have to face the fact that the power grid system is still weak and takes about 5 to 10 years to upgrade and build a new one, with the PPP law allowing it. private participation in power grid investment,... the current legal corridors and site clearance issues are not simple.

“There is one thing that I am quite optimistic about and want to emphasize that, if we can overcome this difficult period of 10-15 years, there will be a bright future for Vietnam's renewable energy.

Because after that, the cost of renewable energy will decrease, offshore wind power will start to flow and be abundant while still operating at night and smoothing the system, smart grid, SCADA,... more level.

Then we will benefit from renewable energy. It is a very competitive market and people will benefit, the increase in electricity prices will then slow down and many opportunities for job growth and new jobs will form when we catch the renewable energy trend. and production of 'green hydrogen' gradually replaces domestic fuel and exports. ”

We can see that Vietnam's implementation of NetZero's commitment in 2050 is a long and not simple journey. This is the time when efforts are needed to change policies and investment plans in order to effectively exploit the renewable energy potentials of Vietnam.