Vietnam needs a huge amount of financial resources to achieve its goal of net-zero emissions by 2050, an official from UNDP said.

The world’s largest green energy group is following procedures to deploy an offshore wind power in Binh Thuan province with total investment capital of $10.5 billion. The project is expected to be completed by 2030.

Vietnam is set to welcome a high influx of green investment from global corporations following its strong commitments made at the 28th UN Climate Change conference (COP28) recently held in the United Arab Emirates (UAE).

Praising Vietnam's commitments to go green, leaders of France, the US and the President of the EC, and international organizations at COP28 said they would help Vietnam in the energy transition process.

Vice President of the European Investment Bank (EIB) Kris Peeters brought a portfolio of investment items when visiting Vietnam.

To follow suit with its previous net-zero carbon commitments and accelerate the energy transition towards green and sustainable sources, Vietnam is now making long-term planning to use public and private finance for the energy transition.

US Special Presidential Envoy for Climate John Kerry on November 7 affirmed support to Vietnam in just energy transition and climate change response.

Vietnam is now facing big pressure to carry out its energy transition in a greener manner, with the government advised to place high priority on limiting coal-fired power development while developing more renewable energy.

Thailand’s Prime Minister Prayut Chan-o-cha, as Chair of ASEAN in 2019, has reiterated the commitment of the grouping to partnering with the international community to cope with climate change.

The Vietnam Coalition for Climate Action (VCCA) was inaugurated during a ceremony held in Hue city of the central province of Thua Thien-Hue on August 21.

 VietNamNet Bridge – Increasing energy efficiency together with developing renewable energy is critical for Vietnam to ensure energy security,