Just energy transition inevitable for sustainable development

Ambassador Dang Hoang Giang, the nation’s permanent representative to the UN made the statement at an April 19 conference titled ‘Architecting Financing for the Energy Transition in Asia and the Pacific – Lessons from Indonesia’s and Vietnam’s Just Energy Transition Partnerships (JETPs)’, during a side event of the 2023 UN Economic and Social Council (ECOSOC) Forum on Financing for Development.

Co-organised by the permanent missions of both Vietnam and Indonesia and the UN Economic and Social Commission for Asia and the Pacific (ESCAP), the conference witnessed the participation of nearly 80 delegates from countries, the private sector, and UN organizations.

As part of his remarks, the Vietnamese diplomat outlined that the nation has joined international partners to set up JETP, initially mobilising US$15.5 billion within the next three to five years to serve Vietnamese energy transition efforts.

The country’s JETP implementation process, which faces myriad challenges in terms of ensuring energy security and fairness, has prompted the nation to amend its laws and policies on socio-economic and technology in a bid to meet associated requirements, Ambassador Giang noted.

He informed participants that the country is taking necessary measures aimed at serving the JETP, including codifying the Political Declaration on establishing the JETP, as well as establishing a secretariat and devising a resource mobilisation plan with the participation of the entire political system and other stakeholders.

The diplomat called on international partners to fulfill commitments and provide resources and finance for energy transition, such as non-refundable grants, capacity building support, sharing of advances, research into the potential of renewable energy, and assistance and investment in programmes and projects to contribute to sustainable development to allow the country to achieve its climate goals.

At the conference, participants said the implementation of the JETPs will create a basis to launch similar supportive relationships helping developing nations mobilise resources for the transition.