New Partnership Signed to Scale Climate Solutions

A five-year project will harness the right nexus of champions at the corporate, sectorial and subnational levels to help accelerate the adoption and scale-up of energy efficiency and renewable energy (EE & RE) solutions in the southwestern province of Tay Ninh.

The project “An energy transition for a 1.5 degree world: Accelerating Progress in Asia” is officially launched on March 9 at Tay Ninh city. Source: WWF-Vietnam

The project “An energy transition for a 1.5 degree world: Accelerating Progress in Asia”, sponsored by HSBC Bank, is implemented by WWF-Vietnam and World Resource Institute (WRI) through the Clean Energy Investment Accelerator in cooperation with Tay Ninh’s Department of Industry and Trade and Vietnam Chamber of Commerce and Industry.

Tay Ninh has been the highlight for foreign investments with an annual growth rate of 7.2%, higher than other locations in the country. It has a total of 19 industrial parks and industrial clusters with textile and garment plays as one of the key industries.

Data from the Vietnam textile & apparel industry directory 2020 shows that from 2016-2020, the province attracted the highest number of FDI for textile & garment sector, with 48 projects and FDI’s legal capital up to USD 1,272 million.

While the global textile and garment industry is setting increasingly ambitious climate change targets across global supply chains, this project will help position local industry to be successful in meeting these requirements

Added to that, Tay Ninh has great potential for solar energy with the average sunny hours per year up to 2,400 which attract high interest in investment for solar project. So far nine solar farms are operating, according to the provincial People’s Committee

Given the extensive benefits of clean energy and strong will of provincial leaders, Tay Ninh could become the lead in transforming its industrial sectors to a clean and green operation, especially in the energy sector.

In the next four years, the project will work mainly with textile & garment companies in Tay Ninh to identify their existing problems and challenges in using renewable energy; adopt energy efficiency solutions and develop bankable projects with at least two big textile and garment companies or industrial park applied EE & RE solutions.

The project will also support Tay Ninh Department of Industry and Trade rolling out its plan to promote EE & RE to businesses.

Other key project activities include capacity building on EE & RE, development of a roadmap for EE & RE for subnational actors and building guidebooks and tools for commercial and industrial energy users to increase RE in Tay Ninh province.

Photo: https://sotttt.tayninh.gov.vn/

According to CEO of WWF-Vietnam, Dr. Van Ngoc Thinh, climate change is a global crisis that affects every single country. Ignoring it and not taking immediate action will put us all at risk of an uncertain future.

WWF-Vietnam is content to work with HSBC and WRI/CEIA to support Vietnam in realizing the country’s NDCs and achieving Net Zero which is only possible with a considerable reduction in greenhouse gas emissions, especially from the energy sector via energy efficiency and renewable energy solutions, he added.

In order to support the Vietnamese Government’s aspirational climate goals and its ambitious commitments to become a net-zero economy by 2050 following the COP26 meetings, HSBC Vietnam has committed to helping arrange up to USD 12 billion of direct and indirect sustainable financing for the corporate sector in Vietnam by 2030.

"To accelerate the global transition to net zero, we also want to unlock climate solutions such as cleantech innovation, sustainable infrastructure, and nature-based solutions. This is why we have joined forces with WRI and WWF to form a philanthropic partnership to help climate solutions become a commercial reality and have real-world impact,” Tim Evans, CEO of HSBC Vietnam added.

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