PRESS RELEASE : COP26 President meeting with Vietnamese Minister Ha [November 2022]
The press release issued by the Cabinet Office on 10 November 2022.
COP26 President Alok Sharma and Vietnam’s Minister of Environment and Natural Resources Ha met to discuss a potential Just Energy Transition Partnership (JETP) between the International Partners Group and Vietnam.
They welcomed the progress made towards the agreement of a JETP, noting that ongoing discussions had deepened our respective understanding of the challenges and opportunities of a low carbon transition in Vietnam and how we might work together to address these.
Minister Ha and COP26 President Sharma looked at the capacity for a JETP to reduce the planned coal pipeline in Vietnam and to bring forward the peaking date for power sector emissions, discussing the peak level of Vietnamese power sector emissions that such measures would imply. This would be to deliver ambition that goes beyond Vietnam’s recently updated Nationally Determined Contribution (NDC).
They also noted the progress to mobilise a substantial package of financial support that could be used for a Resource Mobilisation Plan in the future, including the support from a group of private sector financial institutions convened by the Glasgow Financial Alliance for Net Zero – who have made clear their commitment to supporting the JETP.
Minister Ha and COP26 President Sharma recommitted to finalising the details of an ambitious political declaration and package of financial support for Vietnam’s energy transition, with the intent to launch the agreement before the end of 2022.
