ADB, PVN Partner to Promote Green Energy Development

9:23:34 AM | 11/29/2021

Vietnam National Oil and Gas Group (PetroVietnam) and the Asian Development Bank (ADB) recently signed a memorandum of understanding (MOU) on establishing a strategic partnership for 2021-2024 to promote clean and renewable energy development and help the former achieve targets in the green energy transition.

The MOU establishes the foundation for cooperation between the two sides, including a strategy and roadmap for green energy transition; carbon capture, utilization and storage; hydrogen development; and offshore wind energy development.

With the targets in climate change mitigation and reduction of greenhouse gas emission, PetroVietnam is making efforts to prepare a green energy transition strategy aiming to shift its operations and value chains toward more climate resilience in the oil and gas field, as well as expanding its businesses into new and renewable energy sectors.

To support initial activities under the pact, ADB will use technical assistance resources and mobilize additional funds from other sources, among which the Australian government has confirmed its funding support to develop a strategy and roadmap for PetroVietnam’s green energy transition.

By Lan Anh, Vietnam Business Forum