Can banks justify financing new coal projects in Southeast Asia because developing countries are still dependent on fossil fuels for energy? This was the question at the center of debate at a sustainable finance event in Singapore recently. This comes at a time when the financial sector is under the spotlight for financing coal-fired power plants.
With an economy that’s rapidly growing, Vietnam is facing an increase in energy demand and is looking to coal to power its growing energy demands. As more and more countries are starting to ditch coal and move to greener or less-damaging resources such as natural gas or renewables such as solar power and wind, Vietnam is planning to increase its coal use in the coming years.
Vietnam has a significant challenge ahead: power its remarkable economic growth with less polluting and more affordable clean energy. The government recently committed to reduce its emissions up to 25 per cent from business-as-usual levels by 2030 by generating 18,000 MW of power from wind and solar.
Scientists have observed that the electricity sector contributes to 35 percent of the carbon emissions in the U.S. every year. And as climate news piles up, there is a growing movement among ordinary people to do something. With the application of blockchain, the energy our homes use may soon be much cleaner and we may have more control over how our homes consume energy.
The clear headline from the 35th ASEAN Ministers on Energy Meeting was that 2018 should be the year that Southeast Asian solar hits its stride, saying ASEAN calls for energy investment and that energy investors and policy officials must find new ways to meet the region’s monstrous energy needs.
Numerous projects to build large solar power facilities are underway in Vietnam, as the country scrambles to make up for the anticipated power shortage due to the recent cancellation of nuclear power plant construction projects. The five solar plants will generate an estimated 1 gigawatts, equivalent to the total power output of a nuclear reactor.
There is a new technology around the block, one that will enable a new Industrial Revolution. Buckle up, we’re going for a ride into (not-so) Star Trek technology: blockchain, a peer-to-peer network database. Think Napster, or file-sharing within a common group, but in the case of a blockchain, it comes with real-time and distributed updating. And it’s non-spoofable.
Vietnam’s demand for energy has increased at the approximate rate of 12% per year between 2006 and 2015, and whilst its current installed capacity is only 3.876 million kWh, it will need to produce 245 billion kWh by 2020. Vietnam is looking to RE sources to sustain high electricity generation without incurring higher energy production costs as its energy demands increase.