Deputy Prime Minister Tran Hong Ha sought to learn all about how the United Kingdom (UK) has developed its renewable energy while meeting Minister of State for Energy Security and Net Zero of the UK Graham Stuart in Ha Noi on Monday.
Tran spoke highly of the UK Government and the Minister of State in swiftly launching the Just Energy Transition Partnership (JETP).
He praised the UK’s accomplishments in generating renewable energy since 2012 to displace fossil fuels, such as wind and solar energy.
He suggested the UK share experience in implementing the rooftop solar power policy and help connect with the British enterprises that have successfully invested in wind power projects, solar power projects, smart grids, green hydrogen production, green ammonia and high capacity electricity storage.
He also sought for the UK’s experience in formulating policies, criteria for the selection of investors, and launching direct power purchase agreement (DPPA) from renewable energy sources.
Graham Stuart, for his part, noted that all of the coal-fired power plants in the UK will stop operation by 2024 while the proportion of renewable sources in the nation increased from 10 percent in 2020 to 40 percent this year.
It is necessary to build a legal framework, and commit to long-term and stable policies for investors in order to reduce risks and capital costs while providing assistance for businesses via working groups in terms of solar power, wind power and job creation in green energy, he shared.
The Government should participate in the process of unlocking investment capital sources from large financial institutions, suggested the British official.
Both sides pledged to enhance the implementation of some renewable energy projects with the participation of their top businesses.
