A solar power and wind power farm is put into operation in the south central Ninh Thuận Province. Vietnamese businesses are urged using renewable energy in boosting competitiveness and sustainable development. VNS Photo Công Thành

ĐÀ NẴNG —  The Việt Nam Corporate Energy Leaders (VCEL) initiative was announced at the Việt Nam Corporate Sustainability Forum 2020 on Thursday, promoting the use of renewable energy in driving greener production and sustainable growth in a globally competitive Việt Nam.

WWF-Việt Nam said the new initiative was co-founded by WWF and the Việt Nam Business Council for Sustainable Development under the Việt Nam Chamber of Commerce and Industry (VCCI), in partnership with the Clean Energy Investment Accelerator (CEIA).

“I am very proud to announce the Viet Nam Corporate Energy Leaders initiative today,” said Dr Benjamin Rawson, Conservation and Programme Development Director at WWF-Việt Nam.

“We welcome all international and domestic companies and banks in Việt Nam with renewable energy ambitions to join VCEL. Your renewable energy future awaits”

Often energy is treated as merely a cost to be managed, even in companies that spend millions or more on it each year. But more firms are embracing renewable energy as an affordable solution that delivers a competitive edge in a global market where customers and the public are increasingly interested in sustainable production and environmental performance.

Non-hydro renewable energy deployment has rapidly ramped up in recent years, growing to about 12.5 per cent and far exceeding the target set in Việt Nam’s power development plan. However, 100 per cent renewable energy by 2050 to support sustainable development is entirely feasible for Việt Nam, according to the WWF.

To help achieve this goal, VCEL engages and supports companies to unlock opportunities for renewable energy. VCEL and its members will help Việt Nam reduce emissions to meet the goals of the Paris Agreement, create green jobs and drive the transition to a greener economy powered by renewable energy.

“Companies have a unique opportunity to lead the transition to renewable energy and more ambitious climate action. In recent years, Government policies have made conditions more favourable for renewable energy, but there are still challenges for companies that have growing demands for renewable energy, “said Nguyen Quang Vinh, Secretary-General cum Vice President, Việt Nam Business Council for Sustainable Development (VBCSD).

“VCEL will bring businesses, experts, financial institutions and investors together to overcome barriers to build a renewable energy future in Việt Nam,” he said.

According to VCCI, VCEL will create a corporate community to share information, experience and learning, while providing market intelligence and local expertise to inform decision making and build renewable energy awareness and capacity.

It also helps build strong local relationships to channels buyers’ collective voice and needs into decision-making processes, informing companies on green financing opportunities.

VCEL will also recognise renewable energy leadership as companies set and work towards ambitious sustainability commitments.

VCEL is the latest chapter of WWF’s global Climate Business Hub and Corporate Renewable Energy programme, which are local-to-global networks that support companies to drive the transition to a sustainable future powered by renewable energy.

Current VCEL members include H&M, Adidas, Puma, Lục Đông, Việt Nam Banking Association, DEEP C, TPSC and EnergyEstate, all of whom commit to taking concrete action to support renewable energy deployment. — VNS