On April 11, CEO KLINOVA Dr. Nguyen Phuong Nam attended the Technical Meeting to supplement information on investment projects implementing the Just Energy Transition Partnership – JETP (Resource Mobilization Plan – RMP) in Hanoi, Vietnam. The meeting was organized by the Department of Climate Change under the Ministry of Natural Resources and Environment, the focal point of the JETP Secretariat in coordination with the United Nations Development Program (UNDP) in Vietnam to consult and supplement information on project proposals to submit to the COP26 Steering Committee for early implementation.
Political Declaration establishing JETP with partners within and outside the G7 (including the European Union, the United Kingdom of Great Britain and Northern Ireland, the United States, Japan, the Union Republic of The State of Germany, the Republic of France, the Republic of Italy, Canada, the Kingdom of Denmark, the Kingdom of Norway) (referred to as IPG) was approved on December 14, 2022. Accordingly, IPG and GFANZ (Glasgow Financial Alliance for Net Zero) are expected to mobilize a total of 15.5 billion USD to implement the JETP Political Declaration. This is a specific step to mobilize financial and technological resources to contribute to implementing Vietnam’s commitments at the 26th Conference of the Parties to the United Nations Framework Convention on Climate Change (COP26).
The consultation meeting took place in hybrid format with the participation of nearly 100 delegates, including main contents such as: Introduce and announce of results of publication of the RMP for implementing JETP at COP28; present the JETP implementation monitoring and evaluation framework; present a list of investment projects and technical assistance projects proposed to be prioritized for implementation from 2024; discuss the list of proposed priority projects; conclude tasks to be performed in the near future.
During the meeting, Dr. Nam presented several recommendations for thermal power enterprises to attract investments and participate in the carbon market. Dr. Nam emphasized the importance of enterprises conducting thorough inventories to prepare for investment opportunities. Additionally, he highlighted the need for strong commitments from enterprises, as investors will rely on their carbon credit roadmaps to make informed decisions.
In addition, feasibility studies in the same language as investors are also emphasized. This helps facilitate discussion on investment options in alternative energy sources to thermal power such as solar power, rooftop power,…
To ensure eligibility for carbon market participation, Dr. Nam advocated for the implementation of transparent measurement, reporting, and verification (MRV) procedures. This would involve establishing clear metrics to track greenhouse gas emissions and emission reduction efforts. By adopting these recommendations, thermal power enterprises can demonstrate their commitment to sustainability and attract investments that support their transition towards a cleaner energy future.
