Prime Minister Pham Minh Chinh and representatives of countries attending COP28 pose for a group photo. Photo: VGP/Nhat Bac

Speaking at the event as part of the 28th United Nations Climate Change Conference (COP28) in Dubai, UAE, Prime Minister Chinh announced Vietnam’s plan to mobilize resources to implement JETP reached between Vietnam and IPG. He emphasized that a fair energy transition is decisive for achieving Vietnam's national energy development strategic direction, with the goal of net zero emissions by 2050 and achieving the UN Sustainable Development Goals.

The Prime Minister said that Vietnam has taken strong and ambitious steps to accelerate the energy transition process, including fine-tuning electricity policies; saving and using energy effectively in industrial production and economic sectors; developing low-carbon transportation; and developing the renewable energy value chain. Last May, Vietnam approved Power Plan 8 with its ambitious goal of cutting greenhouse gas emissions by 43.5% by 2030 and reaching a renewable energy ratio of more than 70% by 2050.

Prime Minister Chinh pointed out three main issues for international partners to work with Vietnam to implement JETP. First, invest in five transition areas including: industrial ecosystems and services for renewable energy, energy transmission and storage, economical and efficient use of energy, green energy conversion, and greenhouse gas emissions reduction in the transportation industry. Second, technical support to fine-tune foreign investment cooperation policies in accordance with the practical situation as well as the orientation, planning and requirements of national development. Third, cooperation promotes technology innovation, development and transfer, ensuring equity in energy transition.

Also Friday afternoon, Prime Minister Pham Minh Chinh and Bill Winters, CEO of Standard Chartered, co-chaired the event "Mobilizing finance to honor Vietnam's climate change commitments."

Earlier, the Prime Minister led a high-ranking Vietnamese delegation to participate in the opening ceremony of the World Climate Action Summit within the framework of COP28.