Vietnam to mobilize more resources for equitable energy transition

(VOVWORLD) - A workshop took place Hanoi on Friday to help finalize a draft resource mobilization plan to implement the Political Declaration on establishing the Just Energy Transition Partnership (JETP) under which partners have pledged an initial 15.5 billion USD over the next 3 to 5 years to support Vietnam's equitable energy transition.

This collaborative effort focuses on addressing Vietnam’s pressing needs including enhancing energy efficiency, establishing renewable energy hubs, promoting carbon capture, storage and utilization, developing energy storage solutions and batteries, and promoting the production of green hydrogen.

Minister of Natural Resources and Environment Le Cong Thanh said the JETP assists Vietnam in executing a low-carbon development strategy that not only withstands the challenges of climate change but also creates fresh economic opportunities to help Vietnam reach the target of net zero emissions by 2050.

To kickstart the JETP, the plan outlines specific projects to secure partners’ additional funding, as their current commitments fall short of Vietnam's financial needs for equitable energy transition, according to Mr.Thanh who added Vietnam should make full use of its international partnership and mobilize all resources for equitable energy transition in line with the Global Coal-to-Clean Power Transition Declaration and COP26 commitments.

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Minister of Natural Resources and Environment Le Cong Thanh speaks at the workshop in Hanoi on October 27, 2023. (Photo:VOV)


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