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| Prime Minister Pham Minh Chinh speaks at the announcement ceremony of the Resource Mobilization Plan to implement the Political Declaration on the Establishment of the Just Energy Transition Partnership (JETP). (Source: VGP News) |
On the afternoon of December 1 (local time), on the occasion of attending the 28th Conference of the Parties to the United Nations Framework Convention on Climate Change (COP28) in Dubai, United Arab Emirates (UAE), Prime Minister Pham Minh Chinh announced the Plan to mobilize resources to implement the Political Declaration on establishing the Just Energy Transition Partnership (JETP) between Vietnam and the International Partnership Group (IPG).
The announcement ceremony took place solemnly with the participation of President of the European Commission Ursula von der Leyen, Ministers and senior representatives of many IPG member countries including the UK, Japan, Germany, Italy, Canada, Denmark, Vice President of the Glasgow Alliance for Net Zero Emissions (GFANZ). Also attending were leaders of a number of international organizations, financial institutions and international funds such as: United Nations Development Program (UNDP), World Bank (WB), Asian Development Bank (ADB), Global Energy Alliance for People and the Planet (GEAPP)...
The JETP Statement was adopted by Vietnam and IPG members within the framework of the Summit to celebrate the 45th anniversary of ASEAN-EU relations in Brussels, Belgium in December 2022.
Speaking at the announcement ceremony, Prime Minister Pham Minh Chinh affirmed that a fair energy transition is of decisive significance to achieving Vietnam's national energy development strategy, with the goal of achieving net zero emissions by 2050 and sustainable development goals with a people-centered spirit; emphasizing that Vietnam has taken very drastic, strong and ambitious steps in recent times to accelerate the energy transition process.
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| The Prime Minister affirmed that a just energy transition is crucial to achieving Vietnam's national energy development strategy, with the goal of achieving net zero emissions by 2050. (Source: VGP News) |
The Prime Minister especially emphasized 12 specific actions of Vietnam, including building many strategies and plans towards green, reducing emissions, developing the renewable energy industry and most recently implementing a project to develop 1 million hectares of high-quality, low-emission rice.
The Prime Minister proposed that international partners prioritize cooperation with Vietnam in five transformation areas, including developing industrial ecosystems and services for renewable energy, energy transmission and storage, energy efficiency and conservation, green energy conversion, and reducing greenhouse gas emissions in the transport sector.
The Prime Minister emphasized the need for a global, all-people approach; internal strength is fundamental and decisive, external strength is important and breakthrough; promoting international cooperation, equality, and mutual benefit.
On that basis, the Prime Minister requested relevant parties to quickly reach an agreement to convert the committed amount of 15.5 billion USD to support Vietnam into breakthrough projects, accelerating 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 Plan to mobilize resources to implement JETP, affirming their readiness to continue supporting Vietnam in terms of finance, technology and improving management capacity, especially emphasizing that the Plan was developed and owned by Vietnam, in accordance with Vietnam's specific requirements and circumstances.
The President of the European Commission said that 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 a partner of Vietnam in this process. She also emphasized that the energy transition must be sustainable, ensuring affordable prices, contributing to improving the lives and creating opportunities for all people.
The UK Minister of State for Energy stressed that the Resource Mobilization Plan not only helps Vietnam achieve its ambitious climate and economic targets, but also creates attractive job opportunities for workers from clean development, leaving no one behind; affirming that the UK and partner countries stand behind and support Vietnam, according to Vietnam's own needs.
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| The partners committed 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. (Source: VGP News) |
* The Just Energy Transition Partnership (JETP) is one of the solutions to help Vietnam access necessary resources in its low-carbon development roadmap, resilient to 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.
According to the Ministry of Natural Resources and Environment, through JETP, international partners will help Vietnam improve policies, transfer technology, and provide financial support for a just energy transition; attract investment in renewable energy development, improve energy efficiency, and upgrade grid infrastructure; develop skills and capacities needed for a just transition through education and vocational training; increase private sector participation; develop renewable energy hubs and establish a renewable energy industry; promote carbon storage, capture and utilization, manufacture of energy storage equipment and batteries, produce green hydrogen, and develop offshore wind power.
The partners commit to mobilizing an initial $15.5 billion over the next three to five years to address Vietnam’s urgent, catalytic energy transition needs. Of this, $7.75 billion is committed by the IPG Group at more attractive borrowing terms than the current capital market; the Glasgow Finance Alliance for Net Zero (GFANZ) commits to mobilizing at least $7.75 billion in private finance to directly support businesses through investments from corporations and international businesses.
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