The Deputy Prime Minister appreciated the spirit of action of the UK Government, as well as Minister Graham Stuart, in implementing the Just Energy Transition Partnership (JETP).

In recent times, Vietnam has had many specific activities to promote the implementation roadmap of JETP such as: Establishing a Secretariat; exchanging with leaders of a number of countries expressing great interest in JETP; exchanging with representatives of partners and international organizations within the framework of multilateral cooperation mechanisms such as the Glasgow Financial Alliance for Net Zero Emissions (GFANZ), the Asian Net Zero Emissions Community (AZEC)... According to the Deputy Prime Minister, the most important thing is to quickly select projects and work to implement in practice to achieve substantive results.

Deputy Prime Minister Tran Hong Ha and Minister Graham Stuart agreed to promote a number of specific renewable energy projects with the participation of leading enterprises of the two countries. Photo: VGP

The Deputy Prime Minister expressed his impression of the results achieved by the UK in developing renewable energy sources (wind power, solar power) to replace fossil fuel energy since 2012. These are very valuable experiences for Vietnam to accelerate the process of awareness, unify actions, and harmonize the interests of businesses, the state, people and the world when implementing energy transition.

The Deputy Prime Minister asked the UK to share its approach to implementing rooftop solar power policies; introduce businesses that have successfully invested in wind power, solar power, smart grid, green hydrogen, green ammonia, large-capacity electricity storage systems, etc. with the highest efficiency and lowest cost. The Deputy Prime Minister also hoped that the UK would share its experience in building policies and criteria for selecting investors to ensure the best overall benefits, and mechanisms for buying and selling electricity directly from renewable energy sources.

Thanking the Deputy Prime Minister for taking the time to meet him, Minister Graham Stuart informed about the process and results of converting coal and fossil fuel power sources in the UK since 2012 to renewable energy sources. Accordingly, in 2012, coal power sources accounted for 40% of total electricity output and it is expected that in 2024, all coal-fired thermal power plants in the UK will stop operating. Meanwhile, the proportion of electricity from renewable energy increased from 10% (in 2010) to 40% of total electricity production in 2023 and will continue to increase even more strongly in the coming years.

The lessons learned for the UK Government are the need to build a legal framework, long-term and stable policy commitments for investors to reduce risks and capital costs; support businesses through working groups on solar power, wind power, job creation in the green energy sector..., with the participation and coordination of many ministries and branches; and unlock investment capital sources from large financial institutions...

VNA

*Please visit the Politics section to see related news and articles.