Week In South East Asia: GIZ Launches Green Energy Model 2021 In Vietnam, And More

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GIZ Launches Green Energy Model 2021 In Vietnam

Green energy certification is emerging as an indispensable factor for comprehensive and modern sustainable development as Vietnam and other economies are trying to unlock vast, low-cost energy resources. The demand for innovative, climate-friendly technologies and energy efficiency is increasing enormously, as it offers sustainable growth for the whole economy. With this in mind, Hanoi Department of Industry and Trade’s Industrial Promotion and Development Consultancy Centre (Hanoi IDC), with assistance from the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH under the framework of the Renewable Energy and Energy Efficiency (4E) project, has introduced the Green Energy Model to improve energy efficiency across various industries and major buildings in Hanoi. The program aims to boost the application of high technologies, automation, and innovation in equipment related to energy, develop energy efficiency indicators, as well as promote green energy. This will also contribute to the green economy and sustainable development while enhancing competitiveness and promoting international integration.

AIIB, IRENA Team-up to Accelerate Asia’s Energy Transition

The Asian Infrastructure Investment Bank (AIIB) and the International Renewable Energy Agency (IRENA) have signed a memorandum of understanding (MOU) committing to work together to support Asia’s energy transition and mobilize greater private capital for renewable energy. The agreement was signed today by AIIB President Jin Liqun and IRENA Director-General, Francesco La Camera, at a virtual ceremony to mark the new partnership. President Jin remarked upon how the Bank and IRENA will work together to accelerate investment and enhance awareness of renewable energy solutions throughout Asia. Furthermore, developing countries in Asia are expected to account for about two-thirds of global energy growth by 2040. With its vast wealth of affordable and sustainable energy resources, such as hydropower, wind, and solar, it is essential that this growth is met by renewable energy capacity.

Gas-powered ‘Sustainable’ Investments in Asia Raises Greenwash Risk, says Report

Incorporating gas-powered generation as a sustainable investment into Asian taxonomies could have unintended consequences, finds a new report by the Institute for Energy Economics and Financial Analysis (IEEFA). Doing so could lock Asia into a high-emitting future while also posing credibility and greenwashing problem that Asian policymakers and ESG debt investors would be wise to avoid. This is particularly important as Europe and the U.S. ramp up their climate ambition, with the U.S. Treasury releasing guidance last month requesting multinational development banks rapidly align portfolios with the Paris Agreement, develop targets for green bonds, ‘green’ the partnerships with financial intermediaries, and align policy-based operations with climate goals. A taxonomy specifies the technical requirements of an asset or project that companies must satisfy to enable the labeling of the project as green or sustainable investment, giving ESG investors reliable information on where to deploy capital to support the acceleration of a sustainable energy transition.

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