Partners commit US$15.5 billion to Vietnam’s energy transition

The international partners group (IPG) made the commitment at the launch of the Resource Mobilisation Plan (RMP) Just Energy Transition Partnership (EJTP) with Vietnam in Dubai, the United Arab Emirates on December 1 on the sidelines of the COP28 World Climate Change Summit.

The JETP Declaration was approved by Vietnam and IPG members comprising the European Union, the United Kingdom, France, Germany, the United States, Italy, Canada, Japan, Norway and Denmark within the framework of a summit commemorating 45 years of ASEAN-EU relations in Brussels, Belgium, in December 2022.

The launch was attended by President of the European Commission Ursula von der Leyen, ministers and representatives of many IPG member countries, and Vice President of the Glasgow Financial Alliance for Net Zero (GFANZ). Present at the ceremony were also 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 Planet (GEAPP).

Addressing the launch, Vietnamese Prime Minister Pham Minh Chinh affirmed that just energy transition is the key to realizing Vietnam’s national energy development strategy, with the goal of achieving net zero emissions by 2050 as well as sustainable development goals.

Vietnam has recently taken very drastic, strong and ambitious steps towards accelerating energy transition, by adopting green strategies, developing the renewable energy industry and most recently implementing a project to develop a million hectares of high-quality, low-carbon rice, said the PM.

He requested that international partners prioritize cooperation with Vietnam in five transition areas, including developing industrial and service ecosystems in renewable energy, energy transmission and storage, economical and efficient use of energy, green energy conversion, and greenhouse gas emissions reduction in the transportation industry.

Representatives of IPG member countries highly appreciated Vietnam’s Resource Mobilization Plan to implement the JETP, and vowed to further support the country financially and technically, as well as in improving governance capacity.

The President of the European Commission Ursula von der Leyen noted that the Resource Mobilization Plan is an important mark in the JETP implementation process, demonstrating Vietnam’s commitment to energy transition. She said the EU is proud to become Vietnam’s partner in this process.

The Fair Energy Transition Partnership is one of the solutions to help Vietnam access the necessary resources in a low-carbon development roadmap that is resilient to climate change, towards net zero emissions and energy security.