Viet Nam Low Emission Energy Program II launched
VGP - The Viet Nam Low Emission Energy Program II (V-LEEP II), worth US$36 million, was kicked off in Ha Noi on June 3.
The launching ceremony was attended by U.S. Ambassador to Viet Nam Marc Knapper, Vietnamese Deputy Minister of Industry and Trade Dang Hoang An, and U.S. Agency for International Development (USAID) Viet Nam Mission Director Ann Marie Yastishock.
The project, carried out within five years, aims to accelerate Viet Nam's transition to a clean, secure, and market-driven energy system.
It will support the financial mobilization for 2,000 MW of renewable energy and 1,000 MW of gas-fueled power to reduce 59 million tons of CO2.
The project, led by the USAID, will work to improve government energy planning, increase competition to encourage the U.S. private sector's involvement, and increase clean energy systems.
The project will help Viet Nam scale up the adoption of electric motorbikes and implement the Direct Power Purchase Agreement (DPPA) mechanism to allow businesses to procure electricity directly from private firms producing renewable energy.
The project is part of several initiatives announced during the visit of the U.S. Vice President Kamala Harris to Viet Nam in August 2021.
Earlier, V-LEEP I, in conjunction with the private sector, contributed to the mobilization of US$311 million to successfully develop wind and solar power projects with a combined capacity of 300 MW.
