On the afternoon of December 1 (local time), on the occasion of attending the World Climate Action Summit (COP28) taking place in Dubai, United Arab Emirates (UAE), Prime Minister Pham Minh Chinh attended the announcement ceremony of the Resource Mobilization Plan to implement JETP with a group of international partners, including the European Union (EU), the United Kingdom of Great Britain and Northern Ireland, the United States, Japan, Germany, France, Italy, Canada, Denmark and Norway (abbreviated as IPG).
Prime Minister Pham Minh Chinh and EC President and UK Secretary of State at the announcement ceremony of the Resource Mobilization Plan to implement JETP
JETP was approved by Vietnam and IPG members within the framework of the Summit celebrating the 45th anniversary of ASEAN - EU relations in Brussels (Belgium) in December 2022.
The partners commit to mobilizing an initial $15.5 billion in resources over the next three to five years to address Vietnam’s urgent, catalytic need for a just energy transition.
Of this, about 7.75 billion USD is committed by the IPG group to mobilize with more attractive borrowing conditions than the current capital market; the Glasgow Financial Alliance for Net Zero Emissions (GFANZ) commits to mobilizing at least 7.75 billion USD in private finance to directly support businesses through investments from corporations and international businesses.
JETP is one of the solutions to help Vietnam access the necessary resources to effectively implement a low-carbon development roadmap that is resilient to climate change in the common effort of global energy transition.
At the same time, develop new economic opportunities to support Vietnam in implementing its green transition goals, towards a net zero emissions future.
The resource mobilization plan announced at COP28 is considered a new milestone in Vietnam’s efforts to achieve the goal of developing clean energy, moving towards a net zero emission future and sustainable development. International cooperation and commitment from partners will be important keys to achieving this goal.
Speaking at the ceremony, Prime Minister Pham Minh Chinh emphasized that this was a great effort. Since the COP26 Conference, the world situation has been complicated in terms of geopolitics, climate change and related issues.
On the Vietnamese side, since the COP26 Conference, Vietnam has implemented many tasks such as building a climate change response strategy, a green growth strategy, a sustainable energy development plan, and the VIII Power Plan, which contributes to solving wind and solar power...
The Prime Minister asked the parties to quickly reach an agreement to convert the $15.5 billion pledged to support Vietnam into breakthrough projects.
Vietnam believes that climate change is a global, people-wide issue, so there must be a global, people-wide approach. Vietnam always puts the people at the center and the subject, all policies must be aimed at the people, leaving no one behind.
The Head of Government requested relevant parties to quickly reach an agreement to convert the committed US$15.5 billion in support for Vietnam into breakthrough projects; accelerate the process of equitable energy transition in Vietnam, contributing to ensuring a prosperous future for all people, economic growth, autonomy and energy security of Vietnam.
Senior leaders of IPG member countries highly appreciated Vietnam's issuance of the Resource Mobilization Plan to implement JETP, affirming their readiness to continue supporting Vietnam in finance, technology and improving governance capacity.
EC President Ursula von der Leyen said the resource mobilization plan is an important milestone in the implementation of JETP, demonstrating Vietnam's commitment and leadership in the energy transition; and affirmed that the EU is proud to be Vietnam's partner in this process.
She also stressed that the energy transition needs to be sustainable, ensuring affordable prices, contributing to improving lives and creating opportunities for all people.
The UK Minister of State for Energy stressed that the resource mobilization plan will not only help Vietnam achieve its ambitious climate and economic targets, but also create attractive job opportunities for workers from clean development, leaving no one behind. The UK and its partner countries stand behind and support Vietnam, according to its own needs.
JETP is one of the solutions to help Vietnam access necessary resources in the low-carbon development roadmap, with the ability to withstand climate change, towards a net-zero emission future and ensuring energy self-sufficiency and security.
This important event is the first step in implementing JETP, contributing to the implementation of Vietnam's National Energy Development Strategy and the Global Declaration on the Transition from Coal Power to Clean Energy.
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