Page 13 - AsiaElec Week 26 2021

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CLIMATE CHANGE China accounts for close to a third of globally power sector on a sustainable path,” he said.
installed renewables capacity. Meanwhile, the second $400mn supports
IRENA, China sign landmark and good quality renewable resources a federal structure to strengthen basic service
Low power costs, mature supply chains
delivery for human capital accumulation.
co-operation to address places China in a privileged position to use and education services, increase income
“The programme will help improve health
renewable energy as a pillar of its energy
climate change system. IRENA estimates that renewables have generation opportunities for the poor, and
the potential of supplying over 90% of China’s
promote inclusive economic growth,” the
The International Renewable Energy Agency electricity needs by 2050 with more than 60% statement said.
(IRENA) and China’s Ministry of Ecology and coming from solar and wind. According to the bank, these reforms will
Environment said that had agreed to extend IRENA increase budget reliability for sustainable
existing co-operation on energy transition. financing of child immunisation and quality
They are to work together to enable China primary healthcare programmes, promote
to meet its pledge to peak emissions before LOANS student attendance and support data-driven
2030 and achieve carbon neutrality before decision-making.
2060. World Bank approves WORLD BANK
A Memorandum of Understanding (MoU)
was signed by Francesco La Camera, Director- $800m to improve
General of IRENA and Huang Runqiu, WIND
Minister of Ecology and Environment. Pakistan’s power sector,
“China is a close partner in accelerating a Russia’s Zarubezhneft to
renewable-based energy transition nationally human capital
and around the world”, said Francesco La build wind farm in Vietnam
Camera, Director-General of IRENA. The World Bank’s board has approved loans
“Taking into account the fundamental worth $800mn for financing two programmes Russia’s Zarubezhneft and Belgian marine
role renewable energy plays in achieving in Pakistan. contractor DEME Offshore have set their
the Paris Agreement goals, this MoU will The bank said that the programmes sights on construction of a 1-GW wind farm
strengthen our collaboration on China’s efforts included the Pakistan Programme for offshore Vietnam after signing of a pact this
to achieve its decarbonisation objectives. By Affordable and Clean Energy (PACE) and week.
closely working together, we can also enhance the Second Securing Human Investments to The pair signed a memorandum of
international co-operation to the benefit Foster Transformation (SHIFT II). understanding covering the proposed Vinh
of other countries undergoing a transition. World Bank country director for Phong project, which Zarubezhneft said is
By combining our forces, IRENA and MEE Pakistan Najy Benhassine said that the estimated will cost $3.2bn.
will work towards promoting a sustainable reforms underpinning the two programmes Zarubezhneft said it will share investment
development in the context of the energy can contribute to facilitating sustainable costs with a specially formed investment
transition.” investments and generate welfare gains for vehicle called DEME Concessions Wind.
Huang Runqiu, Minister of MEE said: those most in need. Under the arrangement, the pair will hire
“Through its long-standing commitment, According to the statement issued, the oil and gas producing venture Vietsovpetro
IRENA has made a strong impact on $400mn project for clean energy focuses on and DEME Offshore to manage the
promoting renewable energy globally. The measures to improve the financial viability of construction process, as both these companies
signing of MoU will open a new chapter in the the power sector and support the country’s “possess required technical and construction
co-operation between China and IRENA. By transition to low carbon energy. experience”, Zarubezhneft said.
signing the MoU, the MEE will continue to “PACE prioritises actions needed to Vietsovpetro, which operates several
enhance the co-operation and coordination initiate critical power sector reforms offshore oil and gas blocks in Vietnam, is a
with IRENA, working together to promote focused on reducing power generation costs, joint venture between Zarubezhneft and state-
further progress on renewable energy better targeting of subsidies and tariffs for run PetroVietnam.
development and addressing climate change.” consumers, and improving efficiencies in Zarubezhneft said that the Vinh Phong
Under the agreement, both parties not only electricity distribution with the participation partners will strive to bring online the 600
agreed to explore ways and make suggestions of the private sector,” the statement said. megawatt first phase by 2026 and the 400MW
to promote the implementation of China’s Additional medium-term reforms are second phase by 2030.
climate actions. IRENA and the Chinese under development, focusing on subsidies, In 2019, Zarubezhneft set out strategic
Ministry will also exchange knowledge on competitiveness, and power sector goals of entering wind and solar projects in
trends of renewable energy development, sustainability. “The goal is to reduce circular Vietnam, Cuba, Southern Europe and Russia.
international experiences, policies and case debt over the long-term,” the press release However, these plans took a hit due to low oil
studies on energy transition in the context of said. prices and the onslaught of the coronavirus
addressing climate change. World bank task team leader for the pandemic last year.
IRENA and China agreed to strengthen co- programme, Rikard Liden, said that power Vinh Phong is one of the 157 marine
operation on the promotion of climate finance sector reforms were critical to resolving the wind farm projects with total capacity of over
and investment as well as the promotion country’s fiscal challenges. 61GW that Vietnam’s Ministry of Industry
of innovation, policies and technology in “Decarbonising the energy mix will & Trade has proposed to be included in
the area of renewable energy and climate reduce dependence on fossil fuel imports and the eighth version of the country’s Power
change and facilitate enhanced international vulnerability to price fluctuations because of Development Master Plan.
collaboration. movement in exchange rates. PACE prioritises Following the Ministry’s proposal, revealed
China represented over 40% of global action on such reforms, which must be at the end of the last year, a survey permit
deployment with almost 85 GW. Today, sustained to address circular debt and set the for Vinh Phong was issued to an alliance of

Week 26 30•June•2021 www. NEWSBASE .com P13