State-owned Vietnamese oil and gas company PVN and Danish fund manager CIP have formalised a partnership to accelerate the country’s transition to renewable energy.

Under the collaboration, established through a memorandum of understanding (MOU), the companies will share expertise and explore the development of offshore wind power projects.

They will exchange knowledge on transitioning from fossil fuels to renewable sources in the technology, supply chain and logistics areas.

CIP will support training programmes focused on innovative renewable technologies including electricity conversion, energy storage and the concept of energy islands.

The Danish Ambassador to Vietnam, Nicolai Prytz, highlighted the significance of the partnership, noting its potential to strengthen the relationship between the two countries.

PVN deputy general director Phan Tử Giang stated: “Developing clean and renewable energy will help ensure environmental protection and minimise the negative impacts of climate change.

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“Vietnam has set high goals for reducing environmental pollution, committing to reach net zero emissions by 2050.”

CIP board member Robert Helms stated: “CIP looks forward to cooperating with PVN to research and develop offshore wind power projects in Vietnam, creating a premise to complete the infrastructure system and supply chain for similar projects in the future.”

In January 2024, CIP established Copenhagen Energy Islands (CEI), a new venture dedicated to developing energy islands worldwide.

With a focus on offshore wind, CEI is backed by international investors and is developing a portfolio of projects across the North Sea, the Baltic Sea and South East Asia.

Energy islands represent a significant advancement in offshore energy, facilitating the extensive scaling necessary for the next wave of offshore wind development worldwide.