, Vietnam
Source: Rodolfo Clix (Pexels)

Just Energy Transition Program to boost Vietnam’s 2050 net-zero target

The government could incorporate the JETP into its Power Development Plan 8, Fitch Solutions said.

The Just Energy Transition Program (JETP) will bode well for Vietnam’s power sector in the long run, Fitch Solution reported. 

Vietnam entered the US$15.5 partnership with the International Partners Group on 14 December 2022. 

“Similar to the JETP for Indonesia, this partnership’s outlay will involve public and private financing over the next three to five years,” the report read in part.  

“In an aim to aid Vietnam to realise its 2050 carbon net-zero goal, this JETP lays out four main guiding targets.”

The JETP will seek to bring Vietnam’s peak emission target to 2030 from 2035, reduce its annual power sector peak emissions to 170mtCO2e from 240mtCO2e , and restrict the market’s peak coal-fired power capacity to 30.2 gigawatts from 377GW. 

Read more: What will run Vietnam’s power sector

It will also help increase renewables power mix contribution up to 47% by 2030 from 36%. 

“We believe that this JETP marks a milestone in Vietnam’s decarbonisation plans as developed markets ramp up efforts to support emerging markets in their drive for energy security amid pursuing low carbon emissions,” the report also read.

“This also comes before Vietnam has finalised and launched its Power Development Plan VIII (PDP8), which gives the government flexibility to incorporate targets in this JETP into the PDP8, especially since the PDP8 charts plans for power sector development up to 2030.”

 

Follow the link for more news on

Join Asian Power community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Exclusives

PLN Icon Plus provides bundling solutions to expand PV Rooftop services
The company utilised the PLN app, downloaded by 43 million users, to streamline installations and monitor energy consumption efficiently.  
Cambodia’s 18-year energy plan sets ambitious targets for renewables
To attain energy security, Cambodia will have to overcome investment challenges, cut wasteful consumption, and review pricing policies.