Equinor's decision to halt offshore wind development in Vietnam underscores the challenges faced by the country's renewable energy sector due to regulatory hurdles and political uncertainty.
Norway's state-controlled energy giant Equinor ASA NYSEEQNR has abandoned plans to invest in Vietnam 's offshore wind sector, dealing a significant blow to the country's green energy ambitions. According to the World Bank, over the past couple of years, Vietnam has attracted plenty of interest in its clean energy sector thanks to the country's strong winds in shallow waters near coastal, densely populated areas.
Currently, Vietnam has no installed offshore wind capacity but plans to install wind farms for 6 gigawatts GW by 2030, equal to 4% of its planned capacity. The offshore wind push is part of the country's goal to cut reliance on coal generation and reach net zero carbon emissions by the middle of the century.
Vietnam Offshore Wind Regulatory Hurdles Renewable Energy Green Energy Political Turbulence Clean Energy Transition Foreign Investment Wind Farms
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