Vietnam and its international partners on December 14, 2022 announced a political declaration on the JETP establishment, which helps Vietnam deliver on its net-zero emission target by 2050 and accelerate the peaking of its greenhouse gas emissions, and transition away from fossil fuels to clean energy.

The partnership 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.

A secretariat board, and various working groups were established to carry out the JETP announcement.

At the working session, Tan informed that a technology and energy working group was set up under the ministry to support the JETP implementation, adding the group is responsible for reviewing and completing policies as well as regulations on equitable energy transition besides coordinating technical activities and promoting technology transfer. 

The ministry also sends representatives to join other working groups to ensure smooth cooperation with competent ministries under the JETP framework, he said, hailing the support from the international partners and organisations for the ministry to carry out the energy transition in an effective fashion.

Touching on the energy transition under the National Power Development Plan VIII, Tan highlighted that Vietnam is accelerating the development of renewables so that renewable energy accounts for 30.9 - 39.3% of total electricity output by 2030, and up to 71.5% by 2050.

In the meantime, greenhouse gas emission from power generation is envisaged to fall from 204-254 million tonnes in 2030 to 27-31 million tonnes in 2050, he said, emphasising that the country is working towards a peak annual power emissions at less than 170 million tonnes by 2030 on the condition that international partners fully deliver on their commitments under the JETP. 
For his part, Tibor Stelbaczky, Principal Advisor on Energy Diplomacy at the EU delegation to Vietnam, said that energy transition is a complicated process not only for Vietnam but also for EU and any countries around the world.

He spoke highly of Vietnam’s National Power Development Plan VIII, and highlighted that Vietnam holds huge potential to branch out offshore wind power and solar power.