Shire Oak International UK

Developing Renewable Energy for Vietnam’s Manufacturing Sector

On the 28th of May 2021, Shire Oak International took part in a workshop hosted by the British Embassy on the occasion of the visit of COP26 President-Designate, Rt Honourable Alok Sharma MP. The event, which was held online following national safety protocols, posed the question: ‘How can manufacturers in Vietnam access renewable energy?’

Attending the event were representatives from Vietnam’s Ministry of Industry and Trade, the British Chamber of Commerce (BCAC), and leaders from the RE100, a group of Vietnam’s biggest companies and top 20 enterprises from Japan with commitments to moving to renewable energy.

The workshop was opened with remarks from Mr. Sharma, Mr. Hoàng Tiến Dũng from the Ministry of Industry and Trade, the Japanese Ambassador to Vietnam, His Excellency Mr. Takio Yamada and Mr. Warrick Cleine from the BCAC. Their remarks focused on the urgent need – not only in Vietnam but across the world – to address the climate issue and make the move to clean, renewable energy.

Offering remarks at the workshop, COP26 President-Designate Sharma said: “Renewable energy provides a clear and sustainable solution to the world’s rapidly growing energy demands. Vietnam has significant potential: strong wind speeds in the South, and high solar irradiance across much of the country, make Vietnam well-placed to increase the share of renewables in the overall energy mix. It is essential that leading businesses and overseas investors like those of you here today demonstrate leadership in prioritising clean energy across the markets in which you operate”

Mr. Alok Sharma

Following these remarks, Mark Shorrock, Founder and CEO of Shire Oak International, a UK-based investor and developer of solar energy with 720 projects exceeding $1.9 billion across Vietnam, gave a presentation to the workshop about the astonishing potential of solar power in Vietnam. The presentation highlighted Vietnam’s potential position as a leader in the global solar energy drive. With its tropical climate and abundance of sunshine, Vietnam is uniquely suited to adopting solar energy, a more ecological and economical form of energy production. The presentation demonstrated that the implications for the manufacturing industry in Vietnam were vast with rooftop solar emerging as a frontrunner to replace current energy sources.

Mr. Mark Shorrock

Given the favorable resources and the world’s need to rewind the climate clock, manufacturers in Vietnam have every chance to go 100% renewable energy. In fact, many companies have committed to the RE100 initiatives and are looking for ways to make their operation safe for the environment. It is now down to developers and investors like Shire Oak International to support these players with the financing and development of renewable projects.

The workshop proceeded with a presentation from Mr. Giles Cooper, Partner at Allens Pte Ltd about the Direct Power Purchase Agreement (DPPA), an agreement that would allow companies with a minimum 22-kilovolt power demand to purchase energy directly from wind and solar energy manufacturers instead of state distributor, Vietnam Electricity. This landmark agreement has opened the way for manufacturers across Vietnam to make the switch to renewable energy and secure a more sustainable future.

The final presentations of the workshop were provided by representatives from the Japan Bank for International Cooperation (JBIC), the leader of the Vietnam-Japan Joint Initiative, Sumitomo Corporation and Sharp who shared their visions for partnerships and collaboration to create a carbon-neutral future in Vietnam.

The event closed with testimonies and a panel discussion featuring SOI and other members of the RE100, including Bitis, New Balance, 3M, H&M and Heineken. Together, these companies demonstrated their continued commitment to renewable energy and making positive changes to their manufacturing processes in Vietnam and globally.