Some challenges in implementing the national energy master plan – Referring to experiences from APEC countries

Abstract

Circular Carbon Economy is a model based on a holistic approach to reducing CO₂ emissions through the fair deployment of existing technologies. Specifically, this includes technologies related to energy efficiency, renewable energy, nuclear energy, decarbonization in the industrial and power sectors, and other technologies as long as they contribute to reducing carbon emissions.

The importance of the circular carbon economy has gained support from many countries worldwide. At the G20 Summit held in Saudi Arabia at the end of 2020, leaders affirmed their support for building a "circular carbon economy" model and considered it an effective solution to address climate change issues.

Additionally, the circular carbon economy model suggests that if existing technologies are effectively implemented, fossil fuels can still be used to a certain extent to maintain the stability of national energy systems during the transition period while achieving carbon emission reduction targets.

This report introduces the circular carbon economy model and its implementation status in several countries in the Asia-Pacific region. Based on the experiences of implementing the circular carbon economy model in these countries, the report provides several implications for Vietnam in developing its own circular carbon economy. It is hoped that the circular carbon economy model will be one of the solutions to help Vietnam achieve its goal of net-zero emissions by 2050.