Auction mechanism needed for sustainable development of renewable energy market: Dialogue
A Policy Dialogue on “Auction Mechanism for Sustainable Development of the Renewable Energy Market” was held via video teleconference by independent think tank Vietnam Initiative for Energy Transition (VIETSE) on January 11.
The solar and wind power project in the communes of Hai Loi and Bac Phong in Thuan Bac district, the south-central province of Ninh Thuan. (Photo: VNA)
Hanoi (VNA) – A Policy Dialogue on “AuctionMechanism for Sustainable Development of the Renewable Energy Market” was heldvia video teleconference by independent think tank Vietnam Initiative for Energy Transition(VIETSE) on January 11.
The dialogue aimed to introduce research results withmulti-dimensional analyses on technical, socio-economic, and legal aspects related tothe auction mechanism of renewable energy, with a view to supporting the sustainable development of the renewableenergy market.
Energy experts,economists, and lawyers also discussed issues related to infrastructure development to meet energy transitionneed towards net-zero carbon commitment by 2050.
In her remarks at the event, VIETSE Executive Director NgoThi To Nhien said incentives offered by the Government have set the scene forVietnam to better attract both domestic and foreign investment in renewableenergy in recent years.
The policies, however, remained inconsistent and this hasundermined investors’ commitments in implementing planned projects, she noted.
To achieve Vietnam’s renewable energy goals in the future,the Government must soon deploy an auction mechanism for sales of therenewables, Nhien said, adding that the mechanism has been launched in 60countries around the world, paving the way for these countries to develop therenewable energy sector in a reasonable, cost-effective and transparent manner.
The employment of the auction mechanism will also help thecountry fulfill other goals, for examples, creating jobs, capacity building intechnology and enhancing national energy security./.
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The solar and wind power project in the communes of Hai Loi and Bac Phong in Thuan Bac district, the south-central province of Ninh Thuan. (Photo: VNA)
