VIM -After three revisions, the Electricity Master Plan VIII (latest edition in November 2021) has piqued renewable energy's interest. To meet the target of "zero" net emissions by 2050, all new thermal power projects must be phased out after 2021, and existing coal power plants must be gradually shut down.
Coal power is on the decline, so it's time for renewable energy to seize the throne.
In the global evolution of power, investment in renewable energy is unavoidable. In particular, renewable energy accounts for 83 percent of newly installed power generation capacity in 2020, whereas fossil energy and nuclear power account for only 17 percent. This demonstrates that coal power is steadily fading and giving way to renewable energy, which is consistent with the global energy development trend.
An Hao Eco-Tourism Area - Twin Product of Sao Mai Solar Power Plant
Some Asian countries, including Indonesia, Bangladesh, and the Philippines, have indicated that new coal power projects will be canceled or reviewed. Even before COP26, Japan and South Korea pledged to achieve net zero emissions by 2050. In the context of the difficulty in raising money for coal power projects, GEM stated that investment costs in renewable energy are decreasing, resulting in significant benefits and that coal power projects will be further delayed, if not financially unfeasible.
Remove Sky-Burning Furnaces Photo: Collaborator
Coal power - A major threat to the goal of "net zero emissions"
The globe is moving away from coal, but some countries in the region are moving in the opposite direction. Coal power played a small part in the national grid ten years ago, accounting for only 17.6% of total output, considerably behind gas power (49.4%) and hydroelectricity (30.1%). However, after a decade of steady capacity increase, coal power has risen to the top of Vietnam's electrical production, accounting for 52.9% of total output, overtaking hydroelectricity (25.5%) and pushing electrification to second place (only 15.7%).
Coal power has a long history with numerous long-term consequences
Vietnam's coal power output is currently 1.6 times higher than the global average (52.9% vs. 33.8%), while wind and solar power generation accounts for only around half of the global total (5.4% versus 9.4%). Despite the fact that the scale of our country's power system is only rated 23rd in the world, constant increases in coal power capacity and output have transformed Vietnam into a thermal power country.
Vietnam's greenhouse gas emissions would continue to rise as a result of the intention to build 27 new coal power plants over the next 15 years (Power Plan VIII, announced in October). It is anticipated that by 2045, it will have reached 350 million tons of CO2, demonstrating that reducing emissions to zero in five years (2050) is unachievable.
Blue sky is calling for help
More than 200 scientists and clean energy companies wrote to the Prime Minister in October 2021, requesting that the Government carefully evaluate Power Master Plan VIII so that it has a "green and clean" status for the global power system. To compensate for the depletion of primary energy sources, renewable energy must be developed.
The inevitable trend of clean electricity to replace dirty energy
What is the renewable energy mechanism?
Mr. Ha Dang Son, Director of the Center for Energy and Green Growth Research, believes that in order to attain zero emissions by 2050, Vietnam must spend heavily on energy storage and transmission while also encouraging enterprises to invest in this energy source.
Clean energy investor is deservedly honored
"Vietnam has an infinite supply of renewable energy without having to pay for it. We can secure national energy security if we know how to exploit and utilise it properly. Genuine attention will undoubtedly pique Vietnamese businesses' internal potential. The government does not need to pour money into investors; as long as there are excellent and transparent policies in place, the country would profit greatly and its successes in sustainable development will be protected," said a representative of a large economic group in the South through the press ./.
