Business

Vietnamese, Canadian firms step up clean energy development partnership

The Canada-Vietnam Clean Energy Partnership forum took place in Ho Chi Minh City on August 21, aiming to connect the sides’ private sectors and, through such links, enable Canadian contributions to the Just Energy Transition Partnership (JETP), helping Vietnam achieve its net-zero emissions goal by 2050.
Vietnamese, Canadian firms step up clean energy development partnership ảnh 1At the event (Photo: VNA)
HCM City (VNA) - The Canada-Vietnam Clean Energy Partnershipforum took place in Ho Chi Minh City on August 21, aiming to connect the sides’private sectors and, through such links, enable Canadian contributions to theJust Energy Transition Partnership (JETP), helping Vietnam achieve its net-zeroemissions goal by 2050.

At the event, jointly held by the Canadian Consulate Generalin the southern economic hub and Canada-ASEAN Business Council (CABC), expertsintroduced numerous collaboration solutions.

Ranjith Narayanasamy, President and CEO of the PetroleumTechnology Research Centre (PTRC), stated that carbon capture, utilisation, andstorage (CCUS) play a crucial role in reducing greenhouse gas emissions anddeveloping clean energy. The PTRC has been involved in a research project sponsoredby the Asian Development Bank (ADB) to test related technologies in Vietnam.

However, many participants, including representatives ofdomestic businesses, expressed concerns. They highlighted that the developmentand application of CCUS technologies in Vietnam are facing numerous challenges,as they require large-scale testing and experimentation, and substantialinvestment.

Michael Smart, Export Development Canada (EDC)’s business development lead forAsia and Indo-Pacific, stated that EDC has specific financial solutions forclimate-related projects. Since 2012, the state-owned enterprise has providedover 35 billion CAD for clean technology application projects.

Boris Jacouty, Director of Business Development –Infrastructure at the Canadian Commercial Corporation (CCC), mentioned that CCCassists foreign partners in seeking opportunities for joint works with Canadianfirms and in benefiting from the Canadian government's contract guaranteemechanism. In the 2021-2022 period, the value of contracts supported byCCC amouted to 6.5 billion USD.

According to the Canadian Consulate General, as part of JETP,which Vietnam signed with the G7 countries, Canada will mobilise 15.5 billionUSD from private sector and government sources in the next three to five years to aid Vietnam's green transition process./.
VNA
#Canada-Vietnam Clean Energy Partnership forum #Vietnamplus #Vietnam News Agency #Just Energy Transition Partnership #Canada-ASEAN Business Council Canada Vietnam
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