Building equitable, diverse and highly practical energy transition roadmaps

On the afternoon of May 20, within the framework of the expanded G7 Summit, Prime Minister Pham Minh Chinh attended and spoke at the Session "Joint efforts for a sustainable planet", focusing on important topics including climate change adaptation, sustainable energy transition and environmental protection.

Building diverse and highly practical equitable energy transition processes Figure 1 — View of the Session "Joint efforts for a sustainable planet".

Speaking at the meeting, Prime Minister Pham Minh Chinh emphasized that the message of sustainable development, climate change response, emission reduction and energy transition can only be successful through a global, all-people approach, promoting multilateralism, self-reliance and self-reliance of each country and extensive international cooperation.

Along with that, the Prime Minister stated his views on ensuring fairness and rationality, taking into account different conditions and levels among countries; ensuring strategic balance between clean energy transition and global energy security; building fair, diverse, highly practical energy transition roadmaps that are consistent with market rules.

The Prime Minister emphasized that human resources, science , technology and innovation are the central driving force for sustainable development of every country, the solution to the problem of both rapid and sustainable growth. The Prime Minister suggested that G7 countries and international organizations increase support for developing countries in technology transfer, improving capacity in institutions, infrastructure, human resources, management methods, and building an ecosystem for clean energy development.

The Prime Minister said that the mobilization and effective use of resources is a key factor for sustainable development. G7 countries need to prioritize the timely and effective implementation of financial commitments for development, meeting the urgent need to cancel, extend and restructure debt for poor countries. The Prime Minister proposed a creative approach in mobilizing diverse financial sources, focusing on public-private partnership (PPP), mixed finance associated with the participation of the private sector and foreign investment.

Building diverse and highly practical equitable energy transition processes Figure 2 — Affirming that wind and solar are energy sources that no one can take away, the Prime Minister shared that Vietnam has just announced the National Power Development Plan for the 2021-2030 period, with a vision to 2050, to promote the development of renewable energy.

Regarding Vietnam, the Prime Minister affirmed his determination to achieve the goal of bringing net emissions to zero by 2050, although Vietnam is still a developing country, in transition, and a country that has experienced many wars. Assessing this as a huge challenge, it is the path Vietnam has chosen on the basis of promoting internal strength as a strategy, a decisive, fundamental, long-term, and external strength as an important, breakthrough.

The Prime Minister emphasized his support for Japan's "Asian Zero Emission Community" (AZEC) initiative and proposed that G7 countries and partners continue to accompany Vietnam in implementing the Just Energy Transition Partnership (JETP) in a practical and effective manner; contributing to helping Vietnam promote its potential and advantages, become a regional renewable energy center, and deeply participate in supporting industrial production chains for clean energy and circular economy.

The Prime Minister hopes to continue receiving effective support and cooperation in managing and sustainably using water resources, improving the capacity to respond to climate change and rising sea levels, especially in the Mekong Delta of Vietnam, as well as supporting the sustainable development of the Mekong Sub-region.

Building diverse and highly practical equitable energy transition processes Figure 3 — Prime Minister Pham Minh Chinh and leaders of the expanded G7 countries.

At the meeting, many leaders shared Prime Minister Pham Minh Chinh's assessment of the importance of solidarity and international cooperation in responding to global challenges, emphasizing the need to quickly make up for the financial shortfall in climate change adaptation.

The leaders also supported Vietnam’s stance on balancing the implementation of the net zero emissions target with ensuring energy security. Many countries emphasized that the energy transition can be implemented with many different roadmaps, suitable to each country’s circumstances and conditions.

G7 countries affirmed their determination to implement new initiatives such as JETP, Green Climate Fund, Global Infrastructure and Investment Partnership (PGII), Asian Net Zero Emission Community (AZEC)... In addition, developing countries proposed to promote cooperation in technology transfer, preferential capital, technical assistance, and implement the commitment of 100 billion USD for climate finance of developed countries.

Also within the framework of the Conference, Prime Minister Pham Minh Chinh attended the event on the PGII Initiative. This is an important initiative of the G7 group in promoting high-quality infrastructure investment in developing countries through public finance mobilization and public-private partnership.

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