Hanoi (VNA) – The Australian Government is increasing its supportfor partners in Southeast Asia to help their transition to net zero, andVietnam is central to these efforts, David Gottlieb, Australian Acting DeputyAmbassador to Vietnam, told the recent fifth Vietnam Economic Forum.

“We are expanding our support for Vietnam in its energytransition and to achieve ambitious climate targets,” Gottlieb said in hisspeech delivered at the forum, themed “Vietnam Economy in 2023: StabilisingMacro-economy, Ensuring Major Balances, Steadily Overcoming Challenges”.

He commended Vietnam and the Government of Prime MinisterPham Minh Chinh for the ambitious commitment to transition to a net zeroemission economy by 2050.

This showed the world that Vietnam is open for greenbusiness, building a stable investment environment that can help unleashbillions of dollars of renewable energy and zero emissions technologyinvestment.

According to him, both Vietnam and Australia have a highproportion of coal power in terms of electricity generation; and like Vietnam,Australia has an abundance of sunshine, wind, gas and natural attributes,making them two of the world’s most attractive markets for energy investment.

“We also both have a range of future green economyresources, including critical minerals deposits for battery technologies andrenewables industries, and the potential to develop energy technology andservices,” stated Gottlieb.

The Australian went on to say that in transitioning to netzero, one of the biggest challenges will be to manage stability, reliabilityand affordability of rapid renewable expansion.

Therefore, significant investment and suitable policies areneeded to help achieve coal transition more reliably and smoothly, and avoidthe risk that policies designed to protect existing industrial structures couldunnecessarily delay the transition and keep high emitting installationsoperating longer than necessary.

He said that he is hugely optimistic about Vietnam’s future,as the world’s climate emergency is really Vietnam and Australia’s economicopportunity.

However, the potential in renewable energy can only be realizedwith “right policies”. Ambition is important. But careful plans, implemented withdetermination, are even more important, he stressed.

“Vietnam hit the ground the running at COP26 with a strongagenda of climate action, and I have confidence that it will continue how itbegan. The recent announcement of the Joint Energy Transition Partnership is anexcellent example of this,” he said.

The deputy ambassador said that Australia is working withVietnamese agencies to promote peer-to-peer partnership between the twocountries’ energy regulators, develop key energy state-owned enterprises’business transition strategies in line with energy transition, develop thelegal framework for offshore wind industry, and facilitate the transition ofthe competitive electricity market.

The 5th Vietnam Economic Forum, held in Hanoi on December17, drew the participation of more than 1,000 delegates who are leaders ofcentral and local agencies, ministries and sectors, and representatives ofinternational organisations, embassies and general consulates of othercountries in Vietnam, as well as leaders of businesses, associations, universities and research institutes, along with domestic and international experts./.