Specific objectives of the JETP Declaration Implementation Project in Vietnam

Specific objectives of the JETP Declaration Implementation Project in Vietnam (Internet image)

Regarding this issue, LawNet would like to answer as follows:

On August 31, 2023, the Prime Minister issued Decision 1009/QD-TTg approving the Project to implement the Political Declaration establishing a fair energy transition partnership (JETP Declaration), which set out specific goals for each period as follows:

Specific objectives of the JETP Declaration Implementation Project in Vietnam

- The period from now to 2030

+ Building and improving the legal framework to create favorable conditions to attract investors, businesses, and people to participate in a fair energy transition process and promote technology transfer.

+ Developing a Resource Mobilization Plan to implement the JETP Declaration (Resource Mobilization Plan) and deploy pilot projects to implement a fair energy transition. Implementing the Resource Mobilization Plan with international financial support and technology transfer to promote the conversion of coal-fired power and fossil energy use to clean energy; Developing types of renewable energy and new energy (green hydrogen, green ammonia...).

+ Upgrading and building smart, advanced, and modern electricity production, transmission, storage, distribution, and operating infrastructure capable of large-scale integration of renewable energy sources; enhancing electrification and human resource development; gradually mastering modern technology; progressing to produce equipment to serve the development of the renewable energy sector; Improve energy industry management capacity to an advanced level.

+ Developing the renewable energy industry, especially the manufacturing industry of renewable energy equipment, electricity storage equipment, and the recovery, absorption, storage, and use of CO2; Promote the production of green hydrogen, green ammonia, etc. Striving to form 02 inter-regional renewable energy industries and service centers in areas with great potential such as the North, South Central, and South by 2030.

+ Identifying risk mitigation measures to protect businesses, investors, workers, and poor, vulnerable households during the energy transition; providing new training and capacity building to capture investment and employment opportunities from the renewable energy development ecosystem.

+ Creating consensus and active participation of people, businesses, and communities in economical and efficient use of energy and energy conversion to strive for a renewable energy ratio of 47% and peak emissions of the power sector not to exceed 170 million tons of CO2 equivalent, with the total scale of coal-fired power capacity not exceeding 30,127 MW with full and substantive international support.

- The period after 2030

+ Continuing to improve the policy system to make energy conversion, production, and use of clean energy regular and continuous activities of organizations, businesses, communities, and the entire population with the guidance of the State and international support.

+ Continuing to develop the renewable energy industry, especially the industry of manufacturing renewable energy equipment, electricity storage equipment, recovery, absorption, storage, and use of CO2; producing green hydrogen, green ammonia, etc.

+ Not building new and gradually eliminate coal-fired power plants, strongly implement measures to reduce greenhouse gas emissions towards reaching an energy emission level of no more than 101 million tons of CO2 equivalent by 2050, the rate of renewable energy reaches about 80–85% of total primary energy.

+ Vietnam becomes a regional renewable energy center with a team of good experts on equitable energy transition to share Vietnam's experiences with the international community.

In addition to the specific goals mentioned above, the JETP Declaration Implementation Project also provides the following general goals:

- Successful implementation of the JETP Declaration is associated with promoting the development of renewable energy, economical and efficient use of energy, contributing to the implementation of the net zero emission target by 2050; developing the energy industry in harmony between sub-sectors with synchronous and smart infrastructure on the basis of ensuring national energy security and development goals, and ensuring fairness in the energy transition.

- Receiving and effectively using support from international partners in technology transfer, administration, human resource training, and financial provision for the implementation of the JETP Declaration, contributing to the implementation of Vietnam's National Energy Development Strategy, and implementing the Global Declaration on converting coal power to clean energy.

More details can be found in Decision 1009/QD-TTg, which takes effect from the date of signing.

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