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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.

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