Auction mechanism needed for sustainable development of renewable energy market: Dialogue

A Policy Dialogue on “Auction Mechanism for Sustainable Development of the Renewable Energy Market” was held via video teleconference by independent think tank Vietnam Initiative for Energy Transition (VIETSE) on January 11.

The dialogue aimed to introduce research results with multi-dimensional analyses on technical, socio-economic, and legal aspects related to the auction mechanism of renewable energy, with a view to supporting the sustainable development of the renewable energy market.

Auction mechanism needed for sustainable development of renewable energy market: Dialogue. (Photo: VNA)
The solar and wind power project in the communes of Hai Loi and Bac Phong in Thuan Bac district, the south-central province of Ninh Thuan. (Photo: VNA).

Energy experts, economists, and lawyers also discussed issues related to infrastructure development to meet the energy transition need towards a net-zero carbon commitment by 2050.

In her remarks at the event, VIETSE Executive Director Ngo Thi To Nhien said incentives offered by the Government have set the scene for Viet Nam to better attract both domestic and foreign investment in renewable energy in recent years.

The policies, however, remained inconsistent and this has undermined investors’ commitments in implementing planned projects, she noted.

To achieve Viet Nam’s renewable energy goals in the future, the Government must soon deploy an auction mechanism for sales of renewables, Nhien said, adding that the mechanism has been launched in 60 countries around the world, paving the way for these countries to develop the renewable energy sector in a reasonable, cost-effective and transparent manner.

The employment of the auction mechanism will also help the country fulfill other goals, for example, creating jobs, building capacity in technology and enhancing national energy security.

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(Source: VNA)