Vietnam continues completing JETP resource mobilisation plan

Vietnam is focusing on renewable energy (Photo: baochinhphu.vn)

Hanoi – To implement the Political Declaration on establishing the Just Energy Transition Partnership (JETP), Vietnam is drafting a JETP Resource Mobilisation Plan (RMP).

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

The Ministry of Natural Resources and Environment has coordinated with relevant ministries and agencies to consult the Prime Minister, head of the COP26 Steering Committee, on establishing a secretariat to implement the Political Declaration, and JETP implementation support groups.

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

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

By participating in the declaration, partners commited to mobilising funds to address Vietnam's just energy transition needs, including 7.75 billion USD from the International Partners’ Group (IPG), including Canada, France, Germany, Italy, Japan, the UK, the US, the EU, Denmark, and Norway, and at least 7.75 billion USD from the Glasgow Financial Alliance for Net Zero (GFANZ).

The amount for the next phase could be higher if Vietnam effectively uses the initial funds and meets the conditions of international partners and financial regulations.

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

Additionally, the country plans to establish renewable energy centres and develop a renewable energy industry, promote carbon capture and storage, manufacture energy storage devices and batteries, produce green hydrogen, and expand offshore wind power.

Plan to implement JETP Declaration approved Deputy Prime Minister Tran Hong Ha has signed a decision approving a plan for the implementation of the Political Declaration on establishing the Just Energy Transition Partnership (JETP Declaration).