188bet vietnam ADB and PVN establish partnership to promote green energy development in Vietnam
Ha Noi, 18 November 2021 – 188bet vietnam Vietnam Oil and Gas Group (PVN) and 188bet vietnam Asian Development Bank (ADB) today signed a Memorandum of Understanding (MOU) on establishing strategic partnership in 188bet vietnam period of 2021 – 2024 to promote clean and renewable energy development as well as to achieve PVN’s targets in green energy transition.
188bet vietnam signatories are Mr. Pham Tien Dung, Vice President on PVN’s behalf and Mr. Andrew Jeffries, ADB Country Director for Viet Nam on ADB’s behalf.
188bet vietnam MOU establishes 188bet vietnam foundation for cooperation activities between PVN and ADB such as strategy and roadmap for green energy transition; carbon capture, utilization and storage; hydrogen development; offshore wind energy development.
“We are pleased to be 188bet vietnam first agency to establish a partnership with ADB to develop clean and sustainable energy in Viet Nam,” said Mr. Pham Tien Dung. “With expertise and experience in 188bet vietnam field of energy transition, particularly in 188bet vietnam areas of carbon capture, use and storage, hydrogen energy, offshore wind energy, and energy efficiency, ADB will support PVN in green energy transition towards 188bet vietnam target of emission reduction that Viet Nam committed.”
With 188bet vietnam targets in climate change mitigation and reduction of greenhouse gas emission, PVN is making efforts to prepare green energy transition strategy aiming to shift PVN’s operations and value chains toward more climate resilience in oil and gas field, as well as expanding its businesses into new and renewable energy sector.
“ADB and PVN establish a partnership for collaboration and cooperation in 188bet vietnam activities identified for mutual interest of both parties,” said Mr. Jeffries. “As a multilateral financial institution and as a catalyst for global and regional climate funds, ADB could provide support to PVN through policy and technical advice, funding for investment from its own financing and/or leverage financing from other sources.”
To support initial activities under 188bet vietnam MOU, ADB will use technical assistance resources and mobilize additional fund from other sources, among which 188bet vietnam Australian government has confirmed its funding support to develop a strategy and roadmap for PVN’s green energy transition.
188bet vietnam MOU signing between 188bet vietnam two sides demonstrates PVN's determination in international cooperation towards strategic activities that contribute to realizing 188bet vietnam commitment of 188bet vietnam Government of Viet Nam at 188bet vietnam UN Climate Change Conference (COP 26) in Glasgow, implementing 188bet vietnam mechanisms under 188bet vietnam Paris Agreement, to achieve net “zero” emissions by 2050.
ADB has been supporting its developing member countries for enabling policy framework, sharing practices and experiences, identifying key projects and preparing feasibility studies, and piloting and scaling-up business models. ADB has also been coordinating and cooperating with global and regional think tanks and center of excellences for technology innovation and promotion for clean and renewable energy development.