At the signing ceremony. (Photo: VNA) The MOU establishes the foundation for cooperationactivities between the two sides such as a strategy and roadmap for green energytransition; carbon capture, utilization and storage; hydrogen development;offshore wind energy development.
“ADB and PetroVietnam establish a partnership for collaboration andcooperation in the activities identified for mutual interest of both parties,”said Mr. Jeffries, ADB Country Director for Vietnam.
“As a multilateral financial institution and as a catalystfor global and regional climate funds, ADB could provide support to PetroVietnam throughpolicy and technical advice, funding for investment from its own financing and/orleverage financing from other sources,” he said.
To support initial activities under the pact, ADB will usetechnical assistance resources and mobilise additional funds from other sources,among which the Australian government has confirmed its funding support todevelop a strategy and roadmap for PetroVietnam’s green energy transition.
The signing of the MOU demonstrates PetroVietnam’sdetermination in international cooperation towards strategic activities thatcontribute to realising the commitment of the Government of Vietnam at the UNClimate Change Conference of the Parties (COP 26) in Glasgow, the UK, implementing the mechanismsunder the Paris Agreement, to achieve net “zero” emissions by 2050.
ADB has been supporting its developing member countries forenabling policy framework, sharing practices and experiences, identifying keyprojects and preparing feasibility studies, and piloting and scaling-upbusiness models. ADB has also been coordinating and cooperating with global andregional think tanks and center of excellences for technology innovation andpromotion for clean and renewable energy development.
“We are pleased to be the first agency to establish apartnership with ADB to develop clean and sustainable energy in Vietnam,” saidDeputy General Director of PetroVietnam Pham Tien Dung.
“With expertise and experience inthe field of energy transition, particularly in the areas of carbon capture,use and storage, hydrogen energy, offshore wind energy, and energy efficiency,ADB will support PetroVietnam in green energy transition towards the target ofemission reduction that Vietnam committed,” he said./.
To support initial activities under the pact, ADB will usetechnical assistance resources and mobilise additional funds from other sources,among which the Australian government has confirmed its funding support todevelop a strategy and roadmap for PetroVietnam’s green energy transition.
The signing of the MOU demonstrates PetroVietnam’sdetermination in international cooperation towards strategic activities thatcontribute to realising the commitment of the Government of Vietnam at the UNClimate Change Conference of the Parties (COP 26) in Glasgow, the UK, implementing the mechanismsunder the Paris Agreement, to achieve net “zero” emissions by 2050.
ADB has been supporting its developing member countries forenabling policy framework, sharing practices and experiences, identifying keyprojects and preparing feasibility studies, and piloting and scaling-upbusiness models. ADB has also been coordinating and cooperating with global andregional think tanks and center of excellences for technology innovation andpromotion for clean and renewable energy development.
“We are pleased to be the first agency to establish apartnership with ADB to develop clean and sustainable energy in Vietnam,” saidDeputy General Director of PetroVietnam Pham Tien Dung.
“With expertise and experience inthe field of energy transition, particularly in the areas of carbon capture,use and storage, hydrogen energy, offshore wind energy, and energy efficiency,ADB will support PetroVietnam in green energy transition towards the target ofemission reduction that Vietnam committed,” he said./.
VNA
