Leaders from Vietnam, the UK and the European Union have today announced an ambitious new Just Energy Transition Partnership.
London: Leaders from Viet Nam and the Partners Group, including the European Union, the United Kingdom, France, Germany, the United States, Italy, Canada, Japan, Norway and Denmark On Wednesday, December 14, 2022 agreed a bold Just Energy Transition Partnership, a press release from 10 Downing Street said.
According to the release, the Partnership will support Viet Nam 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 power.
The JETP will mobilize an initial $15.5 billion of public and private finance over the next 3 to 5 years to support Viet Nam’s green transition.
It will also support Viet Nam in working towards a number of ambitious new targets such as 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 Viet Nam’s peak coal capacity to 30.2 gigawatts down from a current planning figure of 37 gigawatts and 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.
Contributions in initial stage 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. This is supported by a commitment to work to mobilize and facilitate a matching $7.75 billion in private investment from an initial set of private financial institutions coordinated by the Glasgow Financial Alliance for Net Zero (GFANZ), including Bank of America, Citi, Deutsche Bank, HSBC, Macquarie Group, Mizuho Financial Group, MUFG, Prudential PLC, Shinhan Financial Group, Standard Chartered, SMBC Group.
Image: Vietnam Photographer