Demystifying the Just Energy Transition Partnership Between the International Partners Group and Vietnam
11/05/2023 07:00
The Just Energy Transition Partnership (JETP) is an initiative and political declaration between the public (International Partners Group-member countries), the private sector (Glasgow Financial Alliance for Net Zero Working Group), and the Government of Vietnam. Its purpose is to support Vietnam’s transition to a more sustainable and resilient energy future. The partnership aims to promote the development of clean energy sources, energy efficiency, and energy conservation measures while ensuring that the transition is just and equitable for all.
The JETP will work closely with the Vietnamese Government to implement various initiatives, including potentially approved projects under the Power Development Plan VIII (PDP8), which is yet to be issued. PDP8 includes targets for the expansion of renewable energy sources, such as wind and solar power, and aims to reduce the country’s reliance on fossil fuels.
To support the implementation of PDP8, the JETP will provide technical assistance, promoting public and private sector investment in clean energy, and helping to build capacity to manage the energy transition. This partnership is expected to have a significant impact on the implementation of PDP8.
Overall, the JETP represents a significant step forward in Vietnam’s transition toward a more sustainable and resilient energy future. Through collaboration with developed economies and the global-reaching private sector, Vietnam can achieve its ambitious clean energy goals while ensuring a just and equitable transition for all stakeholders.
Additionally, JETPs have been launched in South Africa, Indonesia, and Senegal.