Resource Mobilisation Plan for JETP with Vietnam

On 1 December 2023, at COP28, the International Partners Group, in a joint Press Release. welcomes and endorses Vietnam's Resource Mobilisation Plan (RMP) for JETP.

Full text of the Joint Press Release:

Today, the International Partners Group, comprised of the European Union (EU), the United Kingdom (UK), Canada, Denmark, France, Germany, Italy, Japan, Norway and the United States of America, and co-led by the EU and the UK, welcomes and endorses Viet Nam’s Just Energy Transition Partnership Resource Mobilisation Plan (RMP). The RMP is part of the Just Energy Transition Partnership, which was agreed between Viet Nam and the International Partners Group in December 2022 and will help the country deliver on its climate targets.

During the World Leaders Summit at COP28 on 1st December 2023, Vietnamese Prime Minister Phạm Minh Chính launched the Resource Mobilisation Plan (RMP). The launch of the RMP represents a key milestone towards the implementation of the Just Energy Transition Partnership (JETP), which was agreed between Viet Nam and the International Partners Group (IPG) in December 2022 at the EU-ASEAN summit in Brussels and outlined in the JETP Political Declaration.

The Partnership supports Viet Nam to deliver on its net zero 2050 goal and 2030 targets to accelerate and reduce the peaking of its greenhouse gas emissions and transition away from fossil fuels to clean energy.

The RMP is an important first step towards the implementation of the JETP and will by nature be a living document, updated regularly as implementation progresses. It includes an assessment of priority investments, which will help Viet Nam deliver on its pathway to net-zero emissions and identify a set of priority policy actions and regulatory reforms to develop an enabling environment for investment, to boost renewables and reduce reliance on fossil fuels. The plan also identifies priority investment projects in JETP-related areas, and includes building blocks for a framework to analyse and monitor the just aspect of the energy transition with the ultimate objective to leave no one behind in the green transition.

Moving forwards, strong partnership will be required to implement the policy actions outlined in the RMP, particularly on improving the regulatory framework in order to facilitate the flows of necessary public and private investments.

The RMP provides further details on USD 15.8 billion of finance that has been committed to the JETP, USD 8.08 billion being provided by IPG and USD 7.75 billion by the Glasgow Financial Alliance for Net Zero (GFANZ).

The IPG public funds will be channelled via various financial instruments and mechanisms, such as grants, concessional loans and risk-sharing instruments over a period of three to five years. These funds will help to mobilise the much larger volume of private finance for the just energy transition.  

With the release of this plan, Viet Nam makes an additional step to work toward achieving the JETP targets agreed to in the Political Declaration:

  • Bringing forward the projected peaking date for all greenhouse gas emissions in Viet Nam from 2035 to 2030;
  • Reaching peak annual power sector emissions of 170 megatons CO2e by 2030;
  • Limiting Viet Nam's peak coal-fired generation capacity to 30.2 gigawatts;
  • Accelerating the adoption of renewables so that renewable energy accounts for at least 47 percent of electricity generation by 2030.

The Government of Viet Nam and the IPG will continue to work together to implement the RMP. The JETP Secretariat and four Working Groups (WGs)[1] have been set up to progress on the implementation. As part of these WGs, the IPG will support technical analytic work to guide future investment and policy actions in view of achieving JETP ambitions. These combined efforts are designed to help catalyse additional investments in Viet Nam’s energy transition to enable the achievement of Viet Nam JETP targets.  

Civil society also plays a crucial role for the advancement and acceptance of measures and impacts related to the energy transition. As stated in the Political Declaration, it is vital that civil society is actively involved in a transparent manner at all stages of the JETP to make sure the necessary transition will be just and inclusive.

[1] A Coordination Group (lead: Ministry of Natural Resources and Environment), an Institutional, Policy and Investment Group (lead: Ministry of Planning and Investment), a Technology and Energy Group (lead: Ministry of Industry and Trade), a Finance Mobilisation Group (lead: Ministry of Finance).

Click here for the Resource Mobilisation Plan.

The Prime Minister of Norway, Jonas Ghar Støre, said:

“We welcome the finalization of the Resource Mobilistion Plan for the Just Energy Transition Partnership (JETP) with Vietnam. Now we can focus on implementation. Norway stands ready to contribute through investments and sharing of expertise and experiences.”