Just energy transition inevitable for sustainable development: At the conference. (Photo: VNA)

On April 19, Ambassador Giang made the statement at the conference themed "Architecting Financing for the Energy Transition in Asia and the Pacific – Lessons from Indonesia’s and Vietnam’s Just Energy Transition Partnerships (JETPs)", a side event of the 2023 UN Economic and Social Council (ECOSOC) Forum on Financing for Development. Co-organised by the Permanent Missions of Vietnam and Indonesia and the UN Economic and Social Commission for Asia and the Pacific (ESCAP), the conference saw the participation of nearly 80 delegates from countries, the private sector, and UN organisations.

In his remarks, the Vietnamese diplomat said Vietnam has joined international partners to set up JETP, initially mobilising 15.5 billion USD within the next three to five years to serve Vietnam's energy transition efforts.

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

Just energy transition inevitable for sustainable development: Ambassador Dang Hoang Giang, Vietnam’s Permanent Representative to the United Nations, speaks at the event. (Photo: VNA)

He informed participants that Vietnam, however, is carrying out necessary measures serving JETP including codifying the Political Declaration on establishing the JETP; and establishing a secretariat and devising a resource mobilisation plan with the participation of the entire political system and other stakeholders.

The Ambassador called on international partners to fulfill their 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 that contribute to sustainable development so that Vietnam can 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.