Power outages are leaving Vietnamese homes and businesses without power for hours at a time, as a prolonged drought and high temperatures strain the fast-growing economy's capacity to keep up.
A long-anticipated plan meant to fix the energy crunch and help achieve ambitious climate change goals will offer some relief but may not go far enough in weaning the country off of fossil fuels, experts say.Streetlights have been turned off in some major cities and businesses have been told to cut energy use. Amid severe drought, two out of the three largest hydroelectric reservoirs in Vietnam have almost completely stopped operating.
It calls for a drastic shift away from heavily-polluting coal, expanding use of domestic gas and imported liquefied natural gas or LNG, which will account for about 25% of total generating capacity, while hydropower, wind, solar and other renewable sources will account for nearly 50% by 2030. By 2050, Vietnam will stop using coal for power generation, switching all coal plants to using biomass and ammonia, according to the plan.
“While coal remains part of the energy mix, it is a marked shift from the coal dependence that Vietnam sees today,” said Chawla. “A definite phase down in share of energy mix and future emissions, in line with the JETP, even as absolute quantities of thermal power are largely unchanged.” Demand for LNG - itself viewed as a legacy industry to be phased out - has soared with disruptions to natural gas supplies from Russia due to the war in Ukraine. That means higher prices and less secure supplies.
Investors favor renewable energy sources, said Trang Nyguyen, leader of Climateworks Centre’s Southeast Asia team.
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