ADB plans $2.1 bln to aid Vietnam’s energy transition, climate change adaptation
The Asian Development Bank (ADB) plans to offer technical assistance and $2.1 billion for Vietnam’s climate change adaptation per the country’s Nationally Determined Contributions commitment and energy transition.
ADB country director for Vietnam Shantanu Chakraborty made the statement at a meeting last week with Deputy Minister of Natural Resources and Environment Le Cong Thanh.
The bank is looking for concrete collaborations with Vietnam to achieve practical results in the next 12-18 months, Shantanu Chakraborty added.
ADB country director for Vietnam Shantanu Chakraborty (left) and Deputy Minister of Natural Resources and Environment Le Cong Thanh at a meeting in Hanoi on March 8, 2024. Photo courtesy of the Ministry of Natural Resources and Environment.
To do so, ADB plans to sign a memorandum of understanding on climate change adaptation with the Ministry of Natural Resources and Environment later this month as part of ADB president Masatsugu Asakawa’s upcoming visit to the country, Chakraborty noted. The signing would highlight ADB’s commitment to helping countries cope with climate change, he emphasized.
The ADB is targeting further cooperation with Vietnam in sectors including ammonia, hydrogen, Vietnam’s net-zero emission commitment 2050, and the implementation and resource mobilization for the Just Energy Transition Partnership (JETP).
State utility Vietnam Electricity (EVN) and ADB are discussing a battery energy storage systems (BESS) project of $30 million, targeting deployment in 2024. The bank could mobilize up to $5 million of non-refundable assistance (ODA) for the project, he said. In reply, Deputy Minister Le Cong Thanh said the ministry back the BESS collaboration between EVN and the ADB.
Regarding energy transition, Thanh noted Vietnam would not eliminate coal-fired power instantly but the process would take time. The ministry seeks cooperation with the ADB for the task, including deployment of pilot projects and quicker implementation of the JETP.
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