Environment

Vietnam continues completing JETP resource mobilisation plan

To implement the Political Declaration on establishing the Just Energy Transition Partnership (JETP), Vietnam is drafting a JETP Resource Mobilisation Plan (RMP).
Vietnam continues completing JETP resource mobilisation plan ảnh 1Vietnam is focusing on renewable energy (Photo: baochinhphu.vn)
Hanoi (VNA) – To implement the Political Declaration on establishingthe Just Energy Transition Partnership (JETP), Vietnam is drafting a JETP ResourceMobilisation Plan (RMP).

The plan will provide a list of priority projects forimplementation in the 2024 - 2030 period along with a set of project selectioncriteria and necessary policy actions.

The Ministry of Natural Resources and Environment hascoordinated with relevant ministries and agencies to consult the PrimeMinister, head of the COP26 Steering Committee, on establishing a secretariatto implement the Political Declaration, and JETP implementation support groups.

One of the main tasks of the Secretariat is to build andimplement the RMP for at least the next five years.

Through the Political Declaration, adopted by Vietnam andthe G7 and non-G7 countries last year, partners have committed to mobilising aninitial amount of 15.5 billion USD over the next 3-5 years to address theSoutheast Asian nation’s transition needs.

Vietnam continues completing JETP resource mobilisation plan ảnh 2Bac Lieu wind power plant (Photo: VNA)
By participating in the declaration, partners commited tomobilising funds to address Vietnam's just energy transition needs, including7.75 billion USD from the International Partners’ Group (IPG), includingCanada, France, Germany, Italy, Japan, the UK, the US, the EU, Denmark, andNorway, and at least 7.75 billion USD from the Glasgow Financial Alliance forNet Zero (GFANZ).

The amount for the next phase could be higher if Vietnameffectively uses the initial funds and meets the conditions of internationalpartners and financial regulations.

Through the JETP, Vietnam aims to establish a framework forinternational cooperation to enhance policy development, technology transfer,and financial support for just energy transition. The goal is to attractinvestments in renewable energy development, improve energy efficiency, andupgrade power infrastructure.

Additionally, the country plans to establish renewableenergy centres and develop a renewable energy industry, promote carbon captureand storage, manufacture energy storage devices and batteries, produce greenhydrogen, and expand offshore wind power./.
VNA
#Political Declaration #Just Energy Transition Partnership #JETP #JETP Resource Mobilisation Plan #Vietnam #Vietnamplus #Vietnam News Agency
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