PM Pham Minh Chinh (centre) presents the Resource Mobilisation Plan to EC President Ursula von der Leyen and the UK government representative. (Photo: VNA)

The RMP is part of the JETP, which was agreed between Vietnam and the International Partners Group (IPG) in December 2022 and will help the country deliver on its climate targets.

The partnership supports Vietnam to deliver on its net-zero 2050 goal and 2030 targets to accelerate and reduce the peaking of its greenhouse gas emissions and transition away from fossil fuels to clean energy.

The RMP is an important first step towards the implementation of the JETP and will be a living document, updated regularly as implementation progresses. It includes an assessment of priority investments, which will help Vietnam deliver on its pathway to net-zero emissions and identify a set of priority policy actions and regulatory reforms to develop an enabling environment for investment, to boost renewables and reduce reliance on fossil fuels.

The plan also identifies priority ventures in JETP-related areas, and includes building blocks for a framework to analyse and monitor the just aspect of the energy transition, with the objective to leave no one behind in the green transition.

Moving forwards, strong partnerships will be required to implement the policy actions outlined in the RMP, particularly on improving the regulatory framework to facilitate the flows of necessary public and private investments.

The RMP provides further details on $15.8 billion of finance that has been committed to the JETP, $8.08 billion being provided by IPG and $7.75 billion by the Glasgow Financial Alliance for Net Zero.

The IPG public funds will be channelled via various financial instruments and mechanisms, such as grants, concessional loans and risk-sharing instruments over a period of three to five years. These funds will help to mobilise the much larger volume of private finance for the just energy transition.

With the release of this plan, Vietnam makes an additional step to work towards achieving the JETP targets agreed to in the Political Declaration: bringing forward the projected peaking date for all greenhouse gas emissions in Vietnam from 2035 to 2030; reaching peak annual power sector emissions of 170 megatons CO2 by 2030; limiting Vietnam’s peak coal-fired generation capacity to 30.2 GW; and accelerating the adoption of renewables so that renewable energy accounts for at least 47 per cent of electricity generation by 2030.

Vietnam and the IPG will continue to work together to implement the RMP. The JETP Secretariat and four Working Groups (WGs) have been set up to progress on the implementation.

As part of these WGs, the IPG will support technical analytic work to guide future investment and policy actions in view of achieving JETP ambitions. These combined efforts are designed to help catalyse additional investments in Vietnam’s energy transition to enable the achievement of Vietnam's JETP targets.

Civil society also plays a crucial role for the advancement and acceptance of measures and impacts related to the energy transition. It is vital that civil society is actively involved transparently at all stages of the JETP to make sure the necessary transition will be just and inclusive.

The President of the European Commission, Ursula von der Leyen said, "The launch of the RMP is a great milestone for the implementation of the Just Energy Transition Partnership. It demonstrates Vietnam’s leadership in paving the way for a clean energy future. The EU is proud to be part of this partnership, and we remain committed to working with Vietnam to support the necessary reforms for speeding up crucial investment into renewable energy and a green economy.