Partners have committed to mobilize an initial $15.5 billion over the next three to five years to address urgent needs and help catalyze Vietnam’s just energy transition, the Government News has reported.

The commitment was made at a ceremony in Dubai, UAE, on December 1 on the sidelines of the 28th UN Climate Change Conference of the Parties (COP28), to launch Vietnam’s Resource Mobilization Plan to implement the Political Declaration on establishing the Just Energy Transition Partnership (JETP) between Vietnam and the International Partners Group (IPG).

The plan was announced by Prime Minister Pham Minh Chinh.

Of this, $7.75 billion is to be mobilized by IPG members, with more attractive loan conditions than in the capital market.

The Glasgow Financial Alliance for Net Zero (GFANZ) committed to mobilize at least $7.75 billion in private finance to directly support businesses through investments by international corporations and enterprises.

The JETP is among solutions to help Vietnam access the necessary resources to effectively transition to a low-carbon, climate-resilient development pathway, as part of the global energy transition, and at the same time fosters new economic opportunities to support Vietnam’s green transition towards net-zero emissions.

The IPG comprises the EU, the UK, the US, Japan, Germany, France, Italy, Canada, Denmark, and Norway. The JETP Political Declaration was adopted by Vietnam and IPG members at a summit celebrating the 45th anniversary of ASEAN - EU relations in Brussels, Belgium, in December 2022.