The willingness to pay for renewable energy projects of residents in Soc Trang province

Abstract

In Vietnam, electricity production has grown strongly and is expected to increase in the near future. However, heavy reliance on fossil fuels is putting significant pressure on the environment and national energy security. The public’s awareness of the benefits of renewable energy is still limited. The lack of understanding about the positive impacts of renewable energy compared to fossil fuels may lead to a lack of community support for the green energy transition. This article applies the approach of choice modelling (CM) or choice experiment (CE) to evaluate the willingness to pay (contribute) of residents in Soc Trang province for renewable energy development projects. The results indicate that the majority of Soc Trang residents have certain knowledge about common renewable energy sources such as solar, wind and biomass energy. They demonstrate a willingness to contribute to the benefits that renewable energy development projects bring, including: improving the environmental landscape, protecting wildlife habitats, reducing air pollution, and creating new job opportunities. Among these benefits, they are particularly interested in the potential for job creation that renewable energy development projects can offer.