INSIGHT: SOUTHEAST ASIA - Vietnam partners with G7 countries to accelerate

DECEMBER 21, 2022 INSIGHT: SOUTHEAST ASIA Vietnam partners with G7 countries to accelerate transition from coal to renewables THE TAKEAWAY IMPLICATIONS The Vietnamese government signed a C$21 billion The JETP will help Vietnam implement its National Just Energy Transition Partnership (JETP) with the Climate Change Strategy 2050, commit to its G7 countries, Norway, and Denmark to accelerate earlier. [...] The contributions to the JETP include C$10.5 billion in public loans and grants from the partner countries along with the Asian Development Bank and a commitment to mobilize a matching C$10.5 billion in private investment from a series of private financial institutions. [...] One of them is Nguy extremely high-polluting power sector, the second Thi Khanh, winner of the 2018 Goldman Prize, also in the region after Indonesia, with coal accounting called the “Green Nobel.” Her imprisonment for tax for about half of the country’s energy supply. [...] The decommissioning of been a point of contention between Vietnam and the these plants will be costly and Vietnam’s high reliance JETP partners during the negotiations, delaying its on coal will pose challenges to the development of conclusion. [...] The investment The report further highlights that Vietnam’s coastal pledged under Vietnam’s JETP will only succeed if it provinces and cites, especially in the South, could be also brings technology transfer and if it addresses the submerged by 70 per cent by the end of the century.