Investing in Vietnam’s Energy Transition
While exploring investment opportunities in Vietnam, Glenfarne Group’s leadership was interested in better understanding of the country’s progress on its climate change commitments. Here’s how BCIU utilized its network to provide an opportunity for direct engagement.
A Changing Landscape
Earlier this year, Vietnam announced an ambitious agenda to meet the significant Climate Change Acton Plan Commitments the country made at COP26. In addition to Vietnam’s pledge to achieve net zero, the country intends to reduce greenhouse gas emissions, particularly in agriculture and waste management; concentrate on the transition to renewable energy sources; and invest in research and development for construction material usage and sustainable urban development.
Renewable energy will play an important role in meeting these commitments: Funding required for the renewable energy sector in Vietnam is estimated at around $23.7 billion USD.
Glenfarne Group, LLC (“Glenfarne”) is a privately held energy and infrastructure development and management firm based in New York City and Houston, Texas, with offices on four continents. The firm acquires, develops, manages and operates energy and infrastructure assets throughout North and South America, Asia and Europe. In recent years, the company has been exploring investments in Vietnam. To better plan the future of its investments, the firm was particularly interested in the progress of Vietnam’s climate change commitment.
When Opportunity Meets Strategy
In May 2022, Prime Minister Pham Minh Chinh of Vietnam visited Washington, D.C., and New York, creating an opportunity for direct engagement between the Vietnamese government and the private sector. BCIU was well positioned to draw on six years of continuous contact with the offices of the Vietnamese President, prime minister and senior Vietnamese diplomats to arrange for strategic member discussions.
BCIU was able to secure a private meeting with Glenfarne and Prime Minister Chinh to discuss Vietnam’s climate action plans and how industry can help. In preparation for that session, BCIU guided Glenfarne on outlining its goals for the session, including helping brief the Vietnamese Embassy in D.C. and its Mission to the UN in New York on the strategic importance of the company. In addition, BCIU worked to alert diplomats on CEO and Founder Brendan Duval’s position as a global energy leader and expert.
Through our contact at the Vietnamese Embassy, BCIU was able to provide value to Glenfarne and assist the firm in engaging in direct high-level dialogue with the government during this strategic U.S. visit.
Panny Tao, Asia Program Coordinator at BCIU