Year: 2023
Type: preprint
Abstract: December 14 th , 2022, Việt Nam with G7 countries plus Denmark and Norway issued a joint declaration to establish a Just Energy Transition Partnership.This nonbinding agreement aims to mobilize at least 15.5 billion USD over the next 3 to 5 years, half as private finance and half as public sector finance.To be prepared by November 2023, the Resource Mobilization Plan (RMP) should support Vietnam's green transition, including these quantified objectives: peaking electricity sector emissions at 170 MtCO2e in 2030; peaking the coal-fired power generation capacity at 30.2 GW; producing 47% of electricity from renewable sources in 2030.This report aims to establish a common understanding to give thorough considerations for effective negotiation.The story is about a group of high-income countries seeking to help a middle-income country switch to renewable energy.It starts with a reminder of Vietnam's energy transition context, which has shown impressive gains in the last four years.It then describes the JETP mechanism as a country platform, reviewing the South Africa pathfinder to introduce the Vietnamese case, before examining how JETP fits in the international finance and climate diplomacy context.Next, it analyzes the two sides of the deal: the pledge to increase the public and private financial flows into Vietnam's energy sector and the promise to boost Vietnam's GHG emissions reductions.After discussing Justice, Technology Transfer, and Finance, the report concludes with a summary of the vision implicit in the JETP declaration.
Author: Ha-Duong, Minh
Institution: CIRED
Language: English
Subfield: Economics and Econometrics
Domain: Social Sciences
Open Access status: green
OpenAlex ID: W4377047814