What is the cooperation agreement on fair energy transfer (JETP)?

At the beginning of December, Prime Minister Pham Minh Chinh, at the COP28 conference in Dubai, UAE, announced the resource mobilization plan for the Just Energy Transition Partnership (JETP). This event marks a significant milestone in the implementation of Power Development Plan VIII and Vietnam's overall Net Zero target by 2050.

The Just Energy Transition Partnership (JETP) is a local financial cooperation mechanism aimed at assisting some emerging economies in gradually eliminating fossil fuels according to each country's self-determined roadmap, while addressing related socio-economic impacts.

JETP is considered a crucial solution to help Vietnam access the necessary resources in the low-carbon development trajectory, enhance resilience to climate change, and work towards the Net Zero goal set for 2050.

Source: https://thesaigontimes.vn