70th anniversary of Hanoi's Liberation Day Vietnam - Asia 2023 Smart City Summit Hanoi celebrates 15 years of administrative boundary adjustment 12th Vietnam-France decentrialized cooperation conference 31st Sea Games - Vietnam 2021 Covid-19 Pandemic
Home / Economy / Industry
International Partners Group to secure US$15.5 billion for Vietnam energy transition
Minh Nguyen 21:54, 2022/12/15
Half of the total committed funding will source from the private sector.

The International Partners Group (IPG), including the European Union, the UK, France, Germany, the US, Italy, Canada, Japan, Norway and Denmark today [December 14 in Brussels] agreed to finance Vietnam an initial US$15.5 billion in the next three to five years.

 The partnership will enable Vietnam to transition away from fossil fuels. 

The group, through Just Energy Transition Partnership (JETP), will mobilize the amount of public and private finance to support Vietnam’s green transition toward its net zero 2050 goal by accelerating the use of clean energy and transiting away from fossil fuels.

Accordingly, initial contributions to the Vietnam JETP include $7.75 billion in pledges from the IPG together with the Asian Development Bank and the International Finance Corporation (IFC). The Glasgow Financial Alliance for Net Zero (GFANZ), which is coordinating the effort, has pledged to try to mobilize and enable a matching $7.75 billion in private investment.

Vietnam will draft and adopt the Vietnam JETP Resource Mobilization Plan over the next 12 months with the assistance of partner nations, enabling the implementation of the JETP funding and strategy.

The partnership will assist Vietnam in pursuing a variety of challenging new goals, which include: Reducing peak annual power sector emissions by up to 30%, from 240 megatons to 170 megatons, and bringing forward the peaking date by five years to 2030; Limiting Vietnam’s coal capacity to 30.2 gigawatts down from a current planning figure of 37 gigawatts; and accelerating the adoption of renewables to increase the renewable energy ratio to 47% of electricity generation by 2030, up from 36% currently. 

TAG: Vietnam energy international partners group EU green transition fossil fuel
Other news
17:35, 2024/06/22
Hanoi's trade and service sector hiring demand soars
In the first five months of this year, Hanoi found job placements for more than 100,000 workers, reaching 60.8% of the annual plan, an increase of 16.8% year-on-year.
17:04, 2024/06/20
Vietnam encourages people to sell excess rooftop solar power
Rooftop solar installations should be economically beneficial to residents while also enhancing national energy security.
13:44, 2024/06/19
Vietnamese Gov’t defers excise tax for domestic automakers
This year's excise tax deferral amounts to approximately VND8.56 trillion ($336 million).
22:37, 2024/06/18
Hanoi-hosted promotional event highlights tourism cooperation
Vietnam and China's province hope to better tap the tourism potential of both sides in the coming time.
17:01, 2024/06/18
"Best lychees from Vietnam” campaign launched in Thailand
This new approach aims to change the way Thai consumers perceive Vietnamese agricultural products.
12:23, 2024/06/13
Vietnam, Germany eye cooperation on energy transition
Germany stands ready to cooperate with Vietnam on energy transition through the Just Energy Transition Partnership (JETP).