(VOVWORLD) - Leaders from Vietnam and the International Partners Group, including the European Union, the United Kingdom, France, Germany, the United States, Italy, Canada, Japan, Norway and Denmark have (14 December) agreed a bold Just Energy Transition Partnership (
JETP).
UK Prime Minister Rishi Sunak welcomes the signing of a Just Energy Transition Partnership ( JETP) by leaders from Vietnam and the International Partners Group (Source: UK Embassy) |
The Partnership will support Vietnam to deliver on its ambitious Net Zero 2050 goal, accelerate the peaking of its greenhouse gas emissions and transition away from fossil fuels to clean energy.
The JETP will mobilise an initial $15.5 billion of public and private finance over the next 3 to 5 years to support Vietnam’s green transition.
The Partnership will support Vietnam's in working towards a number of ambitious new targets of bringing forward the projected peaking date for all greenhouse gas emissions in Viet Nam from 2035 to 2030, reducing peak annual power sector emissions by up to 30%, from 240 megatons to 170 megatons, and bringing forward the peaking date by five years to 2030, limiting Vietnam's peak coal capacity to 30.2 gigawatts down from a current planning figure of 37 gigawatts, accelerating the adoption of renewables so that renewable energy accounts for at least 47% of electricity generation by 2030, up from the current planned generation share of 36%.
The successful delivery of these ambitious targets will result in around 500 megatons (0.5 billion tonnes) of emissions saved by 2035.
Initial contributions to the Viet Nam JETP include $7.75 billion in pledges from the IPG together with the Asian Development Bank and the International Finance Corporation.
Over the next 12 months, Vietnam will work with the support of partner countries to develop and adopt the Vietnam JETP Resource Mobilisation Plan, which will enable the implementation of the JETP funding and strategy.
Vietnam is the third country to launch a JETP, following the successful launch of the South Africa JETP at COP26 and the Indonesia JETP at this year's G20 Leaders' Summit. As a rapidly growing economy, Vietnam's JETP will demonstrate that economic growth can be decoupled from fossil fuel energy consumption.