VIM -An energy crisis is sweeping the globe, sending natural gas prices in the UK, Europe and Asia soaring to record highs. Analysts at Deutsche Bank note that energy prices in Europe have now increased fivefold, while prices in the US and Asia have increased by about 1.5 times.
The heat of oil and gas prices.
Post-epidemic inflation
Gas prices have skyrocketed worldwide, many countries in Europe could face gas shortages and even power outages as temperatures drop this winter. In the markets, the prices of coal and oil also competed with each other. US WTI crude oil futures price jumped above 85 USD/barrel, starting a new valuation to continue rising.
Fossil fuels are increasingly depleted.
According to the Washington Post, the economic recovery after the COVID-19 pandemic - led to an increase in energy demand. Oil and gas wells are in the hands of a few great powers and of course they have a monopoly. In another perspective, the whirlwind of the global energy crisis has exposed the truth about fossil fuel sources. With the "Old Continent", coal resources in India, Vietnam, China, and Australia are no longer "endless" because of strong exploitation for export and import deficit to "burn" electricity.
Avoid fossil fuel dependence
In about one weeks, leaders from 200 countries will attend the 26th Conference of the Parties to the United Nations Framework Convention on Climate Change (COP26) in Glasgow (UK). The Washington Post reported that the current global energy crisis is casting a shadow over this conference.
Solar power is bright anytime, anywhere.
According to Axios, at COP26, some countries may seek to accelerate the global transition from fossil fuels to renewable energy, citing the lack of energy and rising raw material prices, limiting dependence. on expensive and non-renewable resources.
Flag in hand
Vietnam is one of the very few countries in the world that has a geographical position near the equator, with sea and high terrain above sea level. Sunny - Wind treasures endless and friendly resources, but "doesn't cost a penny" to buy, has brought our country great value in developing clean electricity, gradually eliminating dirty electricity.
While the world is falling into a vortex of energy crisis, in Vietnam, the Covid epidemic has landed for many months, leaving heavy remnants for the economy. The national treasury is in difficulty, businesses are exhausted, the number of underemployed people is the highest in the past 10 years with more than 28 million workers negatively affected, poor households increase, production capacity cripples, social security Social security is difficult to ensure, etc. The impoverishment is also reflected in the wave of migration with more than 1.3 million workers from busy industrial cities who have been repatriated to avoid the epidemic since July.
Returning to the Draft Power Plan VIII, which is revealing fatal weaknesses when "increasing coal - reducing wind - difficult for solar power", voluntarily caught up in the competition to buy and sell "expensive" fossil fuels. Instead of carrying billions of dollars to import coal for thermal power, that funding source can solve the problem of upgrading investment - building more transmission lines to "swallow" all clean electricity capacity.
The ingenious integration between Clean Electricity and unique ecotourism.
In fact, Vietnam is still so short of electricity that it has to import more from China, but ironically, domestic NLS plants are forced to deflate because of "insufficient transmission lines". More paradoxically, Electricity VIII granted "quota" for coal power to develop to increase environmental pollution, erode people's health, increase the burden of disease costs and set a setback for the economy. Extremely contradictory, extremely pressing ....is the current situation of businesses in general and Solar Power in particular when they have just experienced the "rapid storm". Even more shocking when Power Plan VIII is stopping NLS investors.
The "stick and carrot" in the energy development strategy in Vietnam should be applied promptly to untie clean electricity and limit coal power. The Government, the Ministry of Industry and Trade, EVN, the Ministry of Planning and Investment, the Ministry of Finance, and the Central Bank should consider promulgating good mechanisms and policies to enable investors to participate in transmission line development. Vaccines for the economy, ventilators for businesses are not far away, it is within the reach of the incumbent Government, who is sensitive in operating to bring our country back to life.
By Lap Nguyen
