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Development partners to mobilize US$15.5 bln to support Viet Nam’s climate and energy goals

VGP - Leaders from Viet Nam and the International Partners Group, including the European Union, the United Kingdom, France, Germany, the U.S., Italy, Canada, Japan, Norway and Denmark on Wednesday agreed a bold Just Energy Transition Partnership (JETP).

December 15, 2022 3:25 PM GMT+7
Int’l Partners Group mobilizes US$15.5 bln to support Viet Nam’s climate and energy goals - Ảnh 1.

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 energy.

The JETP will mobilize an initial US$15.5 billion of public and private finance over the next three to five years to support Viet Nam's green transition.

The Partnership will support Vietnam in working towards 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 percent, from 240 megatons to 170 megatons, and bringing forward the peaking date by five years to 2030. 

It also helps limit Viet Nam's coal capacity to 30.2 gigawatts down from a current planning figure of 37 gigawatts and accelerate the adoption of renewables so that renewable energy accounts for at least 47 percent of electricity generation by 2030, up from the current planned generation share of 36 per cent.  

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 US$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 mobilise and facilitate a matching US$7.75 billion in private investment from an initial set of private financial institutions coordinated by the Glasgow Financial Alliance for Net Zero (GFANZ).

Over the next 12 months, Viet Nam will work with the support of partner countries to develop and adopt the Viet Nam JETP Resource Mobilisation Plan, which will enable the implementation of the JETP funding and strategy.

Viet Nam 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, Viet Nam's JETP will demonstrate that economic growth can be decoupled from fossil fuel energy consumption.

The Viet Nam JETP builds on the UK-launched G7 Partnership for Global Infrastructure and Investment (PGII), which aims to narrow the infrastructure investment gap in developing countries. G7 leaders agreed in June 2022 to move forward in negotiations with countries on JETPs, which are a core delivery mechanism of the PGII.

Ensuring the transition away from fossil fuels is 'just' lies at the centre of the JETP. A just transition will not only help Viet Nam meet climate goals but also secure a resilient and prosperous future for its people, reducing the impacts of pollution and supporting economic growth and new jobs. It is vital that the whole civil society is involved in the green transition at all stages and no one is left behind.

UK Prime Minister Rishi Sunak said 

"The JETP model is a game changer in the fight against climate change – using international aid to unlock billions of dollars of private finance.

"Viet Nam is a dynamic, emerging economy at the heart of Southeast Asia. The investment we are making today means the country can cut its emissions while simultaneously creating new jobs and growth.

"Together we will deliver a cleaner, greener future for Viet Nam and our planet."

President of the European Commission, Ursula von der Leyen said:

"With this JETP Viet Nam and its international partners co-led by the EU and the UK aim to show that fast-growing emerging economies can successfully accomplish the clean energy transition. Boosting renewable energies will also enhance Viet Nam's energy security and autonomy. By 2030, the JETP has the potential to avoid annual emissions equalling the combined total emissions of six EU Member States expected for that year. The JETP will help equip Viet Nam with a 21st century power sector, energizing its economic modernisation. We are very happy to be part of this path-breaking Partnership."

Canada's Prime Minister Justin Trudeau said:

"Just Energy Transition Partnerships are a model for how contributors can work together with partners like Viet Nam to take action towards cleaner sources of energy. Canada will continue to be a committed partner for the clean energy transition and coal phase-out in Viet Nam, which is in all our best interest for an inclusive, clean energy future in the Indo-Pacific region."

French President Emmanuel Macron said:

"France and the European Union are pursuing their strong commitment to climate change mitigation by supporting the acceleration of a just energy transition in Viet Nam. France's contribution, which is part of a long-standing bilateral cooperation, will support energy planning, capacity building and grid development, in parallel with the development of renewable energy. Our collective contribution must support Viet Nam's commitment to a sustainable development trajectory, phasing out coal, in order to limit global warming to 1.5°C. This partnership must implement a just transition that involves and benefits civil society."

German Chancellor Olaf Scholz said:

"The JETP with Viet Nam will support ambitious climate targets and a substantial increase of renewable energies by 2030 as a joint effort to keep 1.5 °C in reach. The Partnership is about working hand in hand with Viet Nam to make sure that the necessary transition will be just and inclusive. Germany will actively support Viet Nam in achieving the newly set goals."

Japan's Prime Minister Fumio Kishida Fumio said:

"Japan has been supporting Viet Nam's decarbonization through renewable energy-related projects and welcomes Viet Nam's ambition to further accelerate just energy transition towards net zero by 2050. Japan is proud to be a member of the Just Energy Transition Partnership, which will promote support for low emission and climate resilient development in Viet Nam, in coordination with partner countries, and with further private sector engagement."

Norway's Prime Minister Jonas Gahr Støre said:

"Norway is proud to be part of the Just Energy Transition Partnership and support Viet Nam's effort to speed up the energy transition. We believe this can mobilize much needed private capital to accelerate the ambitious transition from coal to renewable energy."

President of the U.S., Joe Biden said:

"Today, Viet Nam is charting an ambitious clean energy future that will deliver on energy security and autonomy by committing to the Just Energy Transition Partnership. The U.S. is excited to be Viet Nam's partner in green energy, through USAID we have already committed over US$50 million invested over five years.  Viet Nam's historic commitment to increase renewable energy while reducing coal and emissions catalyses investment, boosts economic growth, and creates opportunities for the Vietnamese people, while advancing the fight against the global climate crisis.  Together we will achieve net zero emissions by 2050!"

UN Secretary-General António Guterres said:

"With today's agreement, Viet Nam is pioneering a new framework of collaboration to deliver a fair, inclusive energy transition towards renewables. These Partnerships are a crucial tool to unlock the emissions cuts our world needs in the 2020s."

"We need all hands on deck to realize an energy transition that is global, sustainable, just, inclusive and equitable. The United Nations stands ready to continue supporting these Partnerships and all other cooperative efforts."