As the world marks ten years since the Paris Agreement, Vietnam has gained strong momentum in its shift toward a green economy. Recently, French Ambassador Olivier Brochet announced that France will commit €1.5 billion in public finance to support Vietnam’s climate projects from 2020 to 2030.

Source: Cong An Nhan Dan Online

This major commitment highlights France’s long-term support for Vietnam’s climate goals. At the center of this effort is the Just Energy Transition Partnership (JETP), a global mechanism that helps developing countries move away from fossil fuels while maintaining economic stability.

JETP: The Engine of Vietnam’s Energy Transition

Of the total €1.5 billion pledged, €500 million is allocated through the JETP framework. Notably, Vietnam was among the first countries worldwide to adopt this model. As a result, the country reaffirmed its strong commitment to achieving Net Zero emissions by 2050.

JETP funding plays a strategic role in Vietnam’s energy transition. According to Ambassador Brochet, these funds target “hard-to-abate” areas of the energy sector. While solar and wind projects often attract private investors, other critical infrastructure does not. Therefore, JETP focuses on power grid upgrades and energy storage, where public finance is essential.

Success Stories: JETP in Action

The impact of the JETP initiative is already visible on the ground. Vietnam has successfully mobilized capital for three major infrastructure projects, proving the effectiveness of this partnership model:

1. Bac Ai Pumped-Storage Hydropower Plant: A landmark project securing $557 million. This facility acts as a giant battery, storing renewable energy to stabilize the national grid.
2. Tri An Hydropower Plant Expansion: Receiving $93 million to enhance capacity.
3. Binh Duong Power Grid Upgrade: A $78 million investment to strengthen transmission lines in a key industrial hub.

These projects demonstrate that JETP is not just a policy concept, but a practical tool for financing tangible development.

The Future: A $10 Billion JETP Pipeline

Guests attending the 10th anniversary celebration of the Paris Agreement. Photo: Nhandan.vn

The initial success of these projects has paved the way for a much larger ambition. The Department of Climate Change (Ministry of Natural Resources and Environment) reports that the list of proposed projects aligning with JETP criteria has now grown to 44 projects. To fully realize this pipeline, Vietnam aims to mobilize over $10 billion. The early support from France serves as a catalyst, encouraging other developed nations and international investors to contribute to the JETP resource mobilization plan.

By prioritizing fairness and cooperation, the JETP framework ensures that Vietnam does not have to choose between economic growth and climate responsibility. With a clear roadmap and solid financial backing, Vietnam is well-positioned to become a model for the JETP mechanism globally.

Source: Vnexpress

22/12/2025