The particular JETP model is a online game changer in the fight against weather change – using international aid to unlock vast amounts of dollars of private finance. The JETP will mobilise an initial . 5 billion of open public and private finance on the next three to five years to support Viet Nam’s green changeover. Viet Nam is a powerful, emerging economy at the heart of South East Asia. The investment we are making today means the country can cut its emissions while simultaneously producing new jobs and growth. The JETP with Viet Nam will support ambitious environment targets and a substantial boost of renewable energies simply by 2030 as a joint hard work to keep 1 . 5 °C in reach. The Collaboration is about working hand in hand with Viet Nam to make sure that the necessary transition will be just plus inclusive. Germany will positively support Viet Nam in achieving the newly arranged goals.
- Bringing forward the forecasted peaking date for all greenhouse gas emissions in Viet Nam from 2035 in order 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.
- Restricting Viet Nam’s peak coal capacity to 30. two gigawatts down from a current planning figure of thirty seven gigawatts.
- Accelerating the adopting of renewables so that alternative energy accounts for at least 47 percent of electricity generation simply by 2030, up from the present planned generation share associated with 36 per cent.
France and the European Union are pursuing their strong dedication to climate change minimization by supporting the acceleration of a just energy transition in Vietnam. France’s factor, which is part of a long-standing bilateral cooperation, will support energy planning, capacity constructing and grid development, in parallel with the development of renewable energy. Our collective contribution should support Vietnam’s commitment to a sustainable development trajectory, phasing out coal, in order to restrict global warming to 1. 5°C. This partnership must carry out a just transition which involves and benefits civil modern society. Initial efforts to the Viet Nam JETP include . 75 billion dollars in pledges from the IPG together with the Asian Development Financial institution and the International Finance Corporation. This is supported by a commitment to work to mobilise plus facilitate a matching . 75 billion in personal investment from an initial set of private financial institutions coordinated by the Glasgow Financial Alliance meant for Net Zero (GFANZ), including Bank of America, Citi, Deutsche Bank, HSBC, Macquarie Group, Mizuho Financial Team, MUFG, Prudential PLC, Shinhan Financial Group, SMBC Group, Standard Chartered. Leaders from Viet Nam and the International Partners Group, including the European Union, the United Kingdom, France, Philippines, the United States, Italy, Canada, Japan, Norway and Denmark have got today (14 December) agreed a bold Just Power Transition Partnership (JETP). The Partnership will assistance Viet Nam in operating towards a number of ambitious brand new targets: The Viet Nam JETP builds on the UK-launched G7 Collaboration for Global Infrastructure plus Investment (PGII), which seeks to narrow the facilities investment gap in developing countries. G7 leaders agreed in June 2022 to maneuver forward in negotiations along with several countries on JETPs, which are a core shipping mechanism of the PGII. I am delighted that we have sealed a brand new Just Energy Transition Partnership with Viet Nam during this important week for EU-ASEAN relations. With investments from international partners, Viet Nam can boost renewable energies and enhance its energy security and autonomy. We are going to help Viet Nam to start reducing its greenhouse gasoline emissions five years sooner than planned, and dramatically decrease its coal power use. This Partnership will help Viet Nam to build a modern world power sector, energising the economic growth and bringing environmental and health benefits in order to its citizens.
UK Prime Minister Rishi Sunak said:
Norway is proud to be part of the Just Power Transition Partnership and support Viet Nam’s effort to speed up the energy transition. We believe this can mobilize essential private capital to accelerate the ambitious transition through coal to renewable energy. The particular successful delivery of these ambitious targets will result in around five hundred megatons (0. 5 billion tonnes) of emissions ended up saving by 2035. Today, Viet Nam has demonstrated leadership in charting an driven clean energy transition that will deliver long-term energy safety. The United States is proud to become a partner in this effort. Viet Nam’s historic commitment may catalyze investment and financial growth and create tremendous opportunity for the Vietnamese people, while advancing the fight against a global climate crisis.
President of the Euro Commission, Ursula von der Leyen 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 device to unlock the emissions cuts our world needs within the 2020s.
Canada’s Prime Minister Justin Trudeau said:
Just Energy Transition Partnerships are a design for how contributors can work together with partners like Viet Nam to take action towards cleaner sources of energy. Canada will still be a committed partner for that clean energy transition and coal phase-out in Viet Nam, which is in all our best interest for an inclusive, thoroughly clean energy future in the Indo-Pacific region”.
French Chief executive Emmanuel Macron said:
The Partnership will support Viet Nam to deliver on the ambitious Net Zero 2050 goal, accelerate the peaking of its greenhouse gas exhausts and transition away from fossil fuels to clean energy.
German Chancellor Olaf Scholz said:
We need all hands on deck to realize an energy transition that is global, sustainable, simply, inclusive and equitable. The particular United Nations stands ready to continue supporting these Partnerships and all other cooperative efforts.
Japan’s Excellent Minister Fumio Kishida Fumio said:
Ensuring the transition away from non-renewable fuels is ‘just’ lies in the centre of the JETP. The just transition will not only assist Viet Nam meet environment goals but also secure the resilient and prosperous upcoming for its people, reducing the impacts of pollution plus supporting economic growth and new jobs. It is vital the fact that whole civil society is involved in the green transition at all stages and no one is left out.
Norway’s Prime Minister Jonas Gahr Støre mentioned:
Together we will deliver the cleaner, greener future with regard to Viet Nam and the earth.
President of the United States, Joe Biden said:
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 from the JETP funding and technique.
UN Secretary-General António Guterres said:
Japan has been supporting Viet Nam‘s decarbonization through renewable energy-related tasks and welcomes Viet Nam‘s ambition to further accelerate just energy transition towards net zero by 2050. The japanese is proud to be a person in 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 wedding. Viet Nam is the 3rd country to launch a JETP, following the successful launch of the South Africa JETP on COP26 and the Indonesia JETP at this year’s G20 Leaders’ summit. As a rapidly growing economic climate, Viet Nam’s JETP will certainly demonstrate that economic development can be decoupled from fossil fuel energy consumption.
Notes to Editors
- Successful delivery of these ambitious targets can lead to a cumulative reduction associated with around 200 megatons of greenhouse gas emissions by 2030, and a further three hundred megatons by 2035, creating a total of around 500 megatons or half a gigaton of cumulative emissions saved through the JETP to be able to 2035, with further financial savings beyond.
- The joint Politics Declaration can be viewed on gov. uk.
