Fossil fuel subsidies

Marcel Schröder, Economist, Economic Research and Regional Cooperation Department Asian Development Bank At the beginning of the conflict, the crude oil price breached $130 per barrel in March, the highest since 2008. Since then, it retreated to about $100 in April, before rising again to $120 following the European Union’s partial ban on Russian oil in May. Some worry that the oil price could spike to $200 per barrel in the coming months and how such a shock would impact the economic prospects of Asia’s developing countries. While many institutions, including ours, project a significantly higher oil price in 2022 compared with 2021, these predictions do not foresee $200 per barrel because they attach a low probability of a sudden shock to the global oil supply. A sudden shock is unlikely given the EU’s decision to gradually phase out Russian oil imports by the end of 2022, allowing an orderly transition to alternative supplies and keeping prices stable and affordable for … [Read more...] about Additional oil spike impacts cannot be ruled out

AMATA VN Group is said to be one of the leading industrial park developers in Vietnam. It has set up a footprint in the country with a total of six projects – both developed and still under development – covering an area of 2,500 hectares with total investment capital of about $840 million. The group successfully called in over $4 billion of foreign direct investment capital from more than 170 tenants and has created jobs for more than 60,000 local citizens. With a proven record of over 25 years in Vietnam, sustainability has always been a crucial part of its business operations. Through many challenges in the past few years, AMATA is proud to be among the drivers of economic growth in the communities it calls home. AMATA working towards smart and sustainable cities of the future Climate change is an emerging global challenge and the United Nations has been calling for urgent action. The Vietnamese government showed a strong commitment to net-zero carbon emissions by … [Read more...] about AMATA to play a part in smart sustainable cities of the future

The Vietnam Circular Economy Forum 2022 illustrates the efforts of key stakeholders to establish a circular economy for sustainable development in Vietnam The forum is organised by the Ministry of Natural Resources and Environment in collaboration with relevant agencies. It welcomes nearly 500 delegates, which are representatives of ministries, municipalities, foreign embassies, international organisations, as well as research and educational institutes. The event’s purpose is to examine feasible circular economic (CE) models for Vietnam in light of the finest regional and global practices. In addition, it will specify the procedures, policies, and financial resources necessary to foster CE in the country. According to the Asian Development Bank Institute (ADBI), developing Asia's ongoing reliance on fossil fuels and raw materials for manufacturing continues to strain already vulnerable ecosystems. Vietnam has the second-highest levels of air pollution in Southeast Asia in … [Read more...] about Vietnam’s ministries and private sector sit down on circular economy talk

Van, 42, is currently a lecturer at the Ho Chi Minh City University of Natural Resources and Environment. She received the award on Wednesday in Paris for her research in hydrogen fuel cell technology, which is considered an important area of focus for the future of clean energy. Around the world, there are 15 scientists honored as "International Rising Talents 2022". In the Asia-Pacific region, two other scientists from South Korea and Thailand earned titles. Ho Thi Thanh Van (R) receives the "International Rising Talents 2022" award at the L'Oréal-UNESCO for Women in Science Awards in Paris on June 22, 2022. Photo by the organizer Each year, the International Rising Talents Program selects the 15 most promising women scientists among the 275 national and regional fellows of the L’Oréal-UNESCO for Women in Science Awards. Van's research optimizes the operation of fuel cells to improve performance and enable the production of sustainable hydrogen energy, avoiding … [Read more...] about UNESCO honors Vietnamese scientist as ‘rising talent’ in clean energy research

Minister of Natural Resources and Environment Trần Hồng Hà gives a speech at the conference. — VNA/VNS Photo Tuấn Anh HÀ NỘI — The Ministry of Natural Resources and Environment on Tuesday chaired a conference to discuss a national action plan for Việt Nam's circular economy. Speaking at the conference, Minister of Natural Resources and Environment Trần Hồng Hà said that climate change, environmental pollution and natural ecosystem decline were crises for humanity today. Last month, the World Meteorological Organisation released four key indicators of climate change, including greenhouse gas concentrations, sea level rise, ocean heat and ocean acidification. The indicators set new records in 2021, showing that human activities are causing planetary-scale changes on land, in the oceans, and in the atmosphere, with serious and lasting consequences for sustainable development and ecosystems. “This is the consequence of the unsustainable model: resource extraction - production - … [Read more...] about National action plan for circular economy to be set up

Addressing a seminar in Hanoi on June 22, Hoang Tien Dung, Director of the Electricity and Renewable Energy Authority at the Ministry of Industry and Trade, said as Vietnam is a dynamic economy with fast growth for many consecutive years, demand for energy, especially electricity, has been on the rise. With its own efforts and assistance from partners, the country is gradually reducing power sources using fossil fuel and promoting new, clean, and renewable energy, he said, noting that this is also an inevitable trend that helps guarantee a sustainable economy. So far, Vietnam has obtained certain results in increasing the share of renewable power in its power system. It is planning to develop lower-carbon power generation and accelerate fuel transition in the coming time, Dung said. However, the official pointed out that the emergence of new electricity sources has also posed the system to sustainability and stability challenges, which requires coordination in terms of both … [Read more...] about Vietnam strives to boost energy transition: official

Energy Observer docks at Khanh Hoi Port in HCMC's District 4 on Wednesday as part of its visit to the city from June 18 to 29. The French vessel has been on a world tour for five years without having to consume any fossil fuel. It is the first vessel in the world that is autonomous in energy thanks to her onboard technologies, combining multiple sources of solar, wind and hydropower produced on board. Following her launch in April 2017, Energy Observer departed on a world tour that year, with HCMC its 73rd stop. Departing from its home port of Saint-Malo (France) in 2017, the Energy Observer has sailed more than 50,000 nautical miles and visited more than 40 countries and territories. The Energy Observer features a dual-body design to reduce water resistance. The ship has a length of 30 meters, a width of 12 meters, and can reach a maximum speed of 14 knots per hour. On board, there are a total of more than 200 solar panels placed on the … [Read more...] about World’s first zero-emission ship docks in HCMC

ABB has kickstarted a new phase of development with the launch of a new factory in Bac Ninh province What are the megatrends that are shaping the future of electrification? Our general energy consumption patterns will transition from a requirement for locally burned fuels – gasoline, oil, natural gas, and others – to a demand for electricity as a result of electrification. The first megatrend is renewables and the second would be data centres, because of digitalisation and the surge in data demand. Third is mobility, because the world is moving away from fossil fuel to electricity in this area. The last element is urbanisation. More and more people are concentrating in a few large urban areas, so the consumption of electricity that goes with it is more evident. Alessandro Palin, president of ABB’s Distribution Solutions division The renewables boom and rapid acceleration of urbanisation bring prospects and new issues to tackle. How can we adapt to a more … [Read more...] about ABB driving innovation and growth in smart electrification

Illustrative image. (Photo: VNA) Hanoi (VNA) – Energy transition will play a key role in implementing the United Nation’s Sustainable Development Goals, contributing to the net-zero emission target set for 2050, said Tang The Cuong, director general of the Ministry of Natural Resources and Environment’s Department of Climate Change. In his message to a recent webinar themed “Asia: Renewable Energy Continent”, Cuong suggested seven focus points to fully unleash the potential of renewable energy , as well as accelerate the transition from fossil fuels to renewable energy. First, renewable energy needs to become a public commodity benefits all people, so that everyone has access to renewable energy. In particular, communities and groups that are adversely affected by energy transition need to be provided with support. Second, it is necessary to promote cooperation between countries in removing barriers, including those in intellectual property rights, to spur the sharing … [Read more...] about More efforts needed to tap renewable energy potential: Ministry

The adaptation of circular economic models would help Vietnam realize its commitment to net-zero carbon emissions target by 2050. The Ministry of Natural Resources and Environment (MONRE) today [June 28] held a conference to kickstart the formulation of a national action plan to promote a circular economy in Vietnam. Minister of MONRE Tran Hong Ha at the event. Photos: UNDP At the event, Minister of MONRE Tran Hong Ha said climate change, environmental pollution, and the degradation of the natural ecosystem are posing threats to the world. He referred to the sixth assessment report of the Intergovernmental Panel on Climate Change (IPCC-AR6) which stated that if global warming gradually increases 1.5 degrees Celsius above the pre-industrial level, some impacts may be lasting or irreversible, such as the loss of some ecosystems. The IPCC also estimated since 2008, around 20 million people annually have been forced to leave their homes behind due to extreme … [Read more...] about Vietnam to draft national action plan for circular economy adaptation