No worries about the gap when the US withdraws from the JETP energy transition cooperation

Although the US is said to have withdrawn from the climate agreement to support developing countries, including Vietnam, in transitioning to clean energy, the expected impact is not large; the EU and other partners can fill the gap.

This is the comment of Vice President of the European Investment Bank (EIB) Nicola Beer in an interview with the press on the afternoon of March 13 during a working trip to Vietnam.

"We regret that the US administration has withdrawn from many multilateral agreements, including JETP," said the Vice President of the European Investment Bank (EIB).

Vice President of the European Investment Bank (EIB) Nicola Beer (Photo: Trang Tran).

However, according to Ms. Beer, the US's role in JETP is not large, other European partners such as Japan and the Asian Development Bank (ADB) are still participating in JETP, so they can fill the gap.

In the previous general information section, Ms. Beer said that EIB is joining other partners such as Japan, France, Italy, Germany... in the Fair Energy Transition Partnership (JETP) mechanism implemented in Vietnam.

One of the important projects here is the Bac Ai pumped storage hydropower project. According to her, this is a suitable project to meet the increasing demand for electricity in Vietnam while creating a renewable energy source, reducing electricity costs, making electricity prices more affordable when these projects are deployed and put into operation.

Earlier, on March 5, Reuters news agency quoted close sources as saying that the US had withdrawn from the JETP program in many countries, including Indonesia, South Africa and Vietnam. The US State Department has yet to respond to this content.

The Just Energy Transition Partnership (JETP) is a 10-country climate finance mechanism that helps developing countries transition from coal power to cleaner energy sources.

The initiative was first announced in 2021, during the United Nations climate talks in Glasgow, Scotland. Other partners – including France, Germany, the European Union, the UK, the Netherlands and Denmark – remain committed to the program.

Vietnam announced the JETP program in late 2022, with the International Partnership Group (IPG) pledging support, including the UK, European Union, France, Germany, US, Italy, Canada, Japan, Norway and Denmark.

The commitment to support Vietnam's energy transition is 15.5 billion USD from public and private financial sources in 3-5 years.

Source: https://www.baogiaothong.vn/khong-lo-khoang-trong-khi-my-rut-khoi-hop-tac-chuyen-doi-nang-luong-jetp-192250313183641484.htm