COP27: Vietnam’s Net Zero Commitment One Year On

• Vietnam committed to reaching net zero carbon emissions by 2050 at the COP26 climate conference

• Vietnam has taken steps towards meeting this commitment, including setting targets, beginning work on a carbon market, and issuing guidelines for energy market development planning

• Vietnam's manufacturing base is expanding rapidly and its energy consumption is high, leading to reliance on low-cost fossil fuels

• In order to meet its net zero commitment, Vietnam will have to shift away from fossil fuels and towards renewable energy sources

• Vietnam is working on building a domestic carbon market and is considering options such as a feed-in tariff for renewable energy, a renewable portfolio standard, and a carbon tax

• Vietnam is also developing its Power Development Plan 8 (PDP8) to outline the development of the energy sector between now and 2030, with a focus on renewable energy sources

• Vietnam's energy mix is expected to shift towards renewable energy sources such as wind, solar, and hydropower, with a goal of reaching a 30 percent share of renewables in the energy mix by 2030

• Vietnam is also working to increase energy efficiency and reduce energy consumption in industry and transportation, and is investing in research and development of renewable energy technologies.