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MoFA talks about the USD 15.5 billion agreement to support Vietnam's green transition

Vietnam, together with G7 countries and other international partners, adopted the declaration of establishing the Equal Energy Transition Partnership (JETP). This is a concrete step to mobilize financial and technological resources, contributing to supporting Vietnam in implementing its guidelines and policies on building a green economy, and fulfilling its commitment to achieving net zero emissions in 2050.

(Ms Pham Thu Hang - Deputy Spokesperson of the Ministry of Foreign Affairs)

Answering reporters' questions about the US$15.5 billion agreement to support Vietnam's green transition, at the Ministry of Foreign Affairs' regular press conference on the afternoon of December 15, Deputy Spokesperson of the Ministry of Foreign Affairs Pham Thu Hang said: Vietnam and G7 countries and other international partners adopt a political declaration establishing JETP relations.

This is a specific step to mobilize financial and technological resources to contribute to the implementation of Vietnam's guidelines and policies on building a green economy, a circular economy, being environmentally friendly, and supporting support Vietnam to fulfill its commitment to achieve net zero emissions by 2050, with international support.

The political declaration also affirms Vietnam's strong, consistent commitment and great efforts in responding to climate change, demonstrating Vietnam's responsibility to join hands in solving one of the largest challenges in the world today.

Ms. Pham Thu Hang emphasized that the energy transition process poses many challenges for a developing country like Vietnam. Therefore, in the coming time, Vietnam will continue to exchange and cooperate with other countries and international partners, on the basis of fairness, justice, equality and mutual benefit, to both ensure the implementation of the law. implementation of socio-economic development goals, while reducing greenhouse gas emissions, and contributing to the joint efforts of the international community in responding to climate change.

On December 14, within the framework of the Summit to celebrate the 45th anniversary of ASEAN-EU relations, Vietnam and the International Partnership Group (IPG) including the European Union, the United Kingdom, France, Germany, the United States, Italy, Canada, Japan, Norway and Denmark have signed the JETP agreement.

In the short term, JETP will mobilize 15.5 billion USD of finance from the private sector and government in the next 3 to 5 years to support Vietnam's green transition.

JETP will support Vietnam to achieve new goals, including: accelerating the time to peak greenhouse gas emissions from 2035 to 2030; reduce the annual emissions of the power sector by up to 30% from 240 million tons to 170 million tons and accelerate the emission peak by 5 years by 2030; limit Vietnam's coal power capacity to 30.2 GW from the planned 37 GW; accelerate the deployment of renewable energy so that it accounts for at least 47% of total electricity generation by 2030, up from the current 36% plan.

Around 500 million tons of emissions will be cut by 2035 if these targets are met.

SaoKhue Investment & Trade Promotion Corp



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