'A game changer': Vietnam reaches agreement on $15.5bn Just Energy Transition Partnership
UK, EU, and US among host of countries to back major new public and private finance package to help South East Asian economy reduce reliance on coal power
Vietnam has today become the latest major emerging economy to agree a Just Energy Transition Partnership (JTEP) with a host of industrialised nations and leading banks, confirming amnbitious plans to ramp up investment in the country's clean energy infrastructure.
The UK, the EU, France, Germany, the US, Italy, Canada, Japan, Norway, and Denmark have all backed the plan, which mirrors similar agreements reached with Indonesia and South Africa.
Under the terms of the agreement, the JETP will mobilise an initial $15.5bn of public and private finance over the next three to five years to support Vietnam's transition away from coal power.
The investment package will see Vietnam strengthen its climate goals, pulling forward its projected peaking date for all greenhouse gas emissions from 2035 to 2030 and reducing its peak annual power sector emissions by up to 30 percent, from 240 megatons to 170 megatons.
The deal is also expected to limit Vietnam's peak coal capacity to 30.2GW down from a current planned peak of 3GW and at the same time accelerate the roll out of renewables so they account for at least 47 per cent of electricity generation by 2030 - a sharp increase on the current planned generation share of 36 per cent.
The partners said the successful delivery of the new targets would result in around 500 megatons of emissions being saved through to 2035, while also creating thousands of green jobs and driving investment across the fast-expanding economy.
The deal had been expected to be finalised to coincide with last month's COP27 Climate Summit in Egypt, alongside the $20bn JTEP agreed with Indonesia. However, the talks reportedly stalled with Vietnam's government pushing for a greater share of the funding to be provided through grant programmes than loans.
However, a deal now appears to have been finalised and a host of private investors recruited to back a series of new clean energy projects.
Initial contributions to the Vietnam JETP include $7.75bn in pledges from the IPG together with the Asian Development Bank and the International Finance Corporation. The commitment is accompanied by plans to work to mobilise and facilitate a matching $7.75bn in private investment from a set of private financial institutions coordinated by the Glasgow Financial Alliance for Net Zero (GFANZ). Potential investors include Bank of America, Citi, Deutsche Bank, HSBC, Macquarie Group, Mizuho, MUFG, Prudential PLC, Shinhan, SMBC, and Standard Chartered.
The Vietnam government is now expected to work to develop and adopt a JETP Resource Mobilisation Plan over the next 12 months, which will enable the implementation of the JETP funding and wider strategy.
UK Prime Minister Rishi Sunak hailed the deal as further evidence the JETP model "is a game changer in the fight against climate change - using international aid to unlock billions of dollars of private finance".
"Vietnam is a dynamic, emerging economy at the heart of South East Asia," he added. "The investment we are making today means the country can cut its emissions while simultaneously creating new jobs and growth. Together we will deliver a cleaner, greener future for Vietnam and our planet."
President of the European Commission Ursula von der Leyen similarly predicted the partnership would help "show how emerging economies can accomplish the clean energy transition that their people and our planet so desperately need".
"With investments from international partners, Vietnam can boost renewable energies and enhance its energy security and autonomy," she said. "We will help Vietnam to start reducing its greenhouse gas emissions five years earlier than planned, and dramatically reduce its coal power use. This Partnership will help Vietnam to build a 21st century power sector, energising its economic growth and bringing environmental and health benefits to its citizens."
Reports have suggested further JETPs are being discussed with Senegal and India in a bid to highlight how the approach could help a range of different emerging economies accelerate their transition away from coal power.
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UN Secretary-General António Guterres hailed the partnerships as "a crucial tool to unlock the emissions cuts our world needs in the 2020s".
"We need all hands on deck to realize an energy transition that is global, sustainable, just, inclusive and equitable," he added. "The United Nations stands ready to continue supporting these Partnerships and all other cooperative efforts."
The news came on the same day as Von Der Leyen separately announced fresh plans to respond to the President Biden's Inflation Reduction Act (IRA) and its increased support for US low carbon industries with a fresh package of measures to accelerate investment in Europe's net zero transition. She proposed a four point plan to reform state aid rules to allow more support for strategic green industries, work closer with the US to decarbonise heavy industry and their supply chains, ramp up public investment in the net zero transition, and accelerate permitting of renewables projects.
Von Der Leyen criticised aspects of the IRA, arguing that some of the 'buy America' clauses and subsidies contained in the legislation could lead to unfair co-operation. But she also stressed that the EU welcomed "global clean tech race" that was now underway.
"It is exactly three years ago that I stood here in front of the Parliament, presenting the European Green Deal," she said. "Europe was the first continent to set out a path towards climate neutrality. Other countries had pledges, we had a plan. Back then, we were concerned for our industry because of the unfair competition of heavy polluters. Today, only three years later, the competition we face has radically changed. A global clean tech race has started. That is what we wanted, that is what we need. Because only when the most advanced economies compete for a net-zero future will we reach our common goals - to limit global warming and to protect our children's future."