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EU & Vietnam sign joint declaration on sustainable energy cooperation

Released at: 17:25, 21/06/2017

EU & Vietnam sign joint declaration on sustainable energy cooperation

Photo: Delegation of the European Union to Vietnam

Declaration signed during launch of Vietnam Energy Partnership Group in Hanoi on June 21.

by Luong Nhi

As a side event at the launch of the Vietnam Energy Partnership Group, a joint declaration on reinforced cooperation in the field of sustainable energy was signed between Vietnam and the European Union, together with Germany, Belgium, Denmark, Finland, France, Ireland, Italy, Luxembourg, Slovakia, Spain, and the UK, on June 21 in Hanoi.

The joint declaration aims at reaffirming the EU’s strong support in assisting Vietnam in achieving the objectives of the seventh and thirteenth Sustainable Development Goals: “Ensure access to affordable, reliable, sustainable and modern energy for all (SDG 7)” and “Take urgent action to combat climate change and its impacts (SDG 13)”, adopted at the United Nations Sustainable Development Summit on September 25, 2015, as well as the Nationally Determined Contribution of Vietnam submitted to the United Nations Framework Convention on Climate Change (UNFCCC), the so-called Paris Agreement on Climate Change, which entered into force on November 4, 2016.

The joint declaration will allow increased cooperation in the energy sector, in particular in support of Vietnam’s commitments to supply sufficiently high-quality energy for socioeconomic development, diversify energy investments and business models, develop a competitive energy market, and promote renewable energy sources and energy efficiency.

Through the joint declaration, the EU and the eleven EU member states will endeavor to complete five missions.

Firstly, they will further enhance sector dialogue on energy together with all relevant actors in the sector, to contribute to a more sustainable energy sector by promoting efficient, clean and renewable energy being made available to all citizens.

Secondly, they will provide technical assistance to the Vietnamese Government to achieve the objectives enacted in its strategies, refine its policies, promote and prepare relevant capacity development projects, including identifying innovation needs for clean energy technologies, and provide technical knowledge transfer between the EU and Vietnam, with a particular focus on renewable energy.

Thirdly, they will help to identify and bring forward potential energy projects that could be financed with the assistance of development partners, in order to increase the provision of and access of the population to modern and low-carbon energy services.

Fourthly, they will assist in the development of access to off-grid solutions that contribute to the overall objectives of the sector.

Finally, they will promote the mobilization of the private sector as well as associations and non-government organizations in the field of energy, through the organization of business forums, industrial attachment programs, and other strategic capacity building interventions to inform and attract the private sector and financing institutions towards sustainable energy investments in Vietnam.

The Vietnamese Government will also endeavor to complete five missions.

Firstly, the country will provide a regulatory environment that contributes to the development of a sustainable and modern energy sector with a substantial contribution by renewable energy to the generation mix.

Secondly, it will lead and coordinate sector dialogue through program steering on energy, ensuring transparency in information related to funding and project preparation in the sector.

Thirdly, it will continue the process of implementing legislative and regulatory reforms, establishing an appropriate environment to promote private sector investment in the energy sector while encouraging the phasing-out of market distorting subsidies and subsidies that finance fossil fuels, while supporting economically-viable business models.

Fourthly, it will promote greater transparency in the implementation of public investment programs and introduce a sufficient gestation period for projects constituting these programs.

Finally, it will promote the use of sustainable energy technologies and efficiency solutions with a view to limiting negative climate and environment-related impacts of energy generation and use.

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