Vietnam seeks support from UK, EU in just energy transition

Deputy Prime Minister Tran Hong Ha hosted a reception in Hanoi on April 17 for Chris Taylor, the UK’s special envoy on climate change, and Principal Adviser on Energy Diplomacy at the European Union Tibor Stelbaczky, who are on a working visit to Vietnam.

At the meeting, Ha thanked the British Government, the EU and other International Partners Group (IPG) members, namely France, Germany, the US, Italy, Canada, Japan, Norway and Denmark, for their cooperation with Vietnamese agencies in negotiating and approving the Political Declaration on establishing the Just Energy Transition Partnership (JETP) with Vietnam.

The Vietnamese Government is implementing commitments to reducing greenhouse gas emissions towards net zero by 2050 with domestic resources and international support, he said, adding that Vietnam considers JETP a key channel to receive technological and financial support from developed countries and financial institutions for just energy transition.

Vietnam takes its responsibility seriously for working with other countries in responding to climate change, reducing net greenhouse gas emissions to zero, and transitioning energy equitably, said Ha.

Sharing content of the draft Power Development Plan VIII, which is being finalised, the Deputy PM expressed his wish that the EU and the UK will share experience and technologies in clean energy transition, smart grid development, and increasing the proportion of renewable energy, promoting energy storage technology, and ensuring the balance and stability of the energy system at a cost suitable to the level of development of the economy and income of people.

Expressing his support for the initiative to establish the JETP Secretariat, Ha also suggested the EU and the UK support Vietnam in completing the legal framework, mechanisms and policies, and choosing renewable and green energy projects to solve problems in credit, technology, and governance.

Tibor Stelbaczky appreciated the political commitments of the Vietnamese Government on green transition as well as the implementation of JETP, emphasising the partnership's role in achieving the set goals.

He showed his hope that the JETP Secretariat will soon be established to listen to comments, and a plan will be built to mobilise resources for the implementation of JETP. He stressed the need for strong commitments from relevant parties in terms of resources and technology, as well as mutual support in energy transition and green transition.

Chris Taylor expressed the willingness to support and share experience with Vietnam in the implementation of JETP, stressing the need for a harmonised policy to solve challenges, and pledging to continue to promote investment in Vietnam in the coming time.

According to him, to achieve long-term goals in JETP and green transition, the engagement of ministries, sectors, localities and people is essential. The UK and the EU are ready to support Vietnam in technical expertise, technology as well as methods of mobilising necessary resources from global partner countries, he added.

The JETP will mobilise an initial 15.5 billion USD of public and private finance over the next three to five years to support Vietnam's green transition.

Under the agreement, the partnership will support the country to deliver on its ambitious net zero 2050 goal, accelerate the peaking of its greenhouse gas emissions and transition away from fossil fuels to clean energy.