Vietnam and the International Partners Group, consisting of the European Union, the UK, the US, Japan, Germany, France, Italy, Canada, Denmark and Norway, were resolved on December 14 to establish the JETP as a long-term, ambitious partnership to support Vietnam’s low-emission and climate resilient development, as well as to help the country accelerate the just transition and decarbonisation of the electricity system, and develop new economic opportunities to support Vietnam's transition towards net zero future.
They will mobilise an initial amount of at least 15.5 billion USD over the next three to five years through a combination of appropriate financial instruments, which should not divert critical development assistance away from existing development funding to support the needs of Vietnam's just energy transition in accordance with the national framework of public debt and external debt management.
Richardson suggested JETP focus on climate change response through economic growth and prosperity, while shifting to cleaner, cheaper, and safer energy, especially renewable energy.
He also proposed the UK tighten its cooperation with Vietnam in raw material production necessary to clean energy transition such as rare earth, noting that the Southeast Asian nation has resources that other countries need.
In the next 12 months, with the support from partner countries, Vietnam will build and adopt the JETP Resource Mobilisation Plan.
