Ambassador Đặng Hoàng Giang, Việt Nam's Permanent Representative to the United Nations (centre), addresses the ‘Architecting Financing for the Energy Transition in Asia and the Pacific – Lessons from Indonesia’s and Việt Nam's Just Energy Transition Partnerships (JETPs)’ meeting in New York. — VNA/VNS Photo

NEW YORK — Energy transition, environmental protection and climate change response are the inevitable paths to achieving sustainable development, affirmed Ambassador Đặng Hoàng Giang, Việt Nam's Permanent Representative to the United Nations (UN).

Giang 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 Việt Nam'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 Việt Nam 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 Việt Nam has joined international partners to set up JETP, initially mobilising US$15.5 billion within the next three to five years to serve Việt Nam's energy transition efforts.

Việt Nam'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, Giang noted.

He informed participants that Việt Nam, 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 fulfil 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 Việt Nam 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. — VNS