Vietnam is determined to achieve carbon neutrality

Vietnam is committed to achieving carbon neutrality by 2050. Prime Minister Pham Minh Chinh highlighted Vietnam's progress in renewable energy, leading ASEAN in supply and aiming for 75% renewable energy by 2050. The country is reducing coal power, increasing renewable sources like wind and solar, and investing in flexible power sources and battery storage. A domestic carbon market will be piloted in 2025, aiming to reduce greenhouse gas emissions from power production significantly by 2030 and 2050. Vietnam's commitment involves a revised Power Plan VIII, aiming for 90-100 GW electricity capacity by 2030 with 28-36% from renewable sources (excluding hydropower).

Vietnam is steadfast in its commitment to carbon neutrality by 2050, as affirmed by Prime Minister Pham Minh Chinh at the Climate Action Summit. Despite being a developing nation, Vietnam boasts significant achievements. It leads ASEAN in renewable energy supply, with wind and solar power contributing 26% to its total power capacity (82.4 GW by end of 2024), aiming for 75% renewable energy by 2050. The nation is actively reducing its coal power capacity, following a set roadmap. Revised Power Plan VIII targets 90-100 GW total capacity by 2030, with 28-36% from renewable sources (excluding hydropower). Further investments include flexible power sources (reaching 2-3 GW by 2030), battery energy storage systems (10-16.7 GW), and pumped storage hydropower (increasing from 2.4 GW to 6 GW). A domestic carbon market will commence in 2025, allocating emission quotas to thermal plants and large emission-emitting facilities, aiming to peak emissions in 2035 and significantly reduce them by 2050. The government actively removes obstacles and introduces new mechanisms in the energy sector to support this transition. Vietnam aims to reach 205-228 GW total electricity capacity by 2050, with renewable energy making up 75%.