Viet Nam's ambitious plan to become a wind superpower

Viet Nam has set its sights on becoming a wind superpower. The country has some of the best wind resources globally, with a long coastline that allows for offshore development. The World Bank says Viet Nam could create 475GW in offshore wind capacity, which would add $50 billion to the country's economy.

The government has targeted 7GW of offshore wind and 21GW of onshore wind by 2030. This is part of Viet Nam's commitment to reach net zero emissions by 2050. As electricity consumption in Viet Nam is forecast to rise by 8% a year, the new offshore farms will be essential to meeting this demand.

The new offshore farms are pioneering a new model for achieving this growth. The projects are funded by philanthropic foundations and family offices, which are stepping in to remove early-stage barriers that often stall clean energy businesses. Green innovation is expensive, so governments and investors perceive start-ups as risky. But not when philanthropists step in first. The South-East Asia Clean Energy Facility (SEACEF) specializes in this, and it has attracted high ratios of private investment to philanthropic capital, up to 20:1.

Globally, reaching net zero will require annual green investment to triple to nearly $7 trillion a year. Philanthropy could play a key role in enabling this large-scale shift. By funding early-stage clean energy businesses, philanthropists can help to reduce the risks and costs of these projects, making them more attractive to private investors. This will be essential to accelerating the transition to a clean energy future.