ADB Proposes $2.1B Package to Aid Vietnam’s Climate Change Response, JETP

Country Director of the Asian Development Bank (ADB) in Vietnam Shantanu Chakraborty has proposed an expected financial package of $2.1 billion to support Vietnam in responding to climate change and implementing the Just Energy Transition Partnership (JETP), local media reported.

Mr. Chakraborty made the proposal while working with Vietnamese Deputy Minister of Natural Resources and Environment Le Cong Thanh in Hanoi on March 8.

The ADB representative proposed supporting Vietnam in three-ten projects to deploy the JETP, including the battery energy storage system (BESS) project between ADB and state utility Vietnam Electricity (EVN), which is expected to be implemented in 2024.

ADB also suggested expanding cooperation with Vietnam in ammonia and hydrogen development.

Besides, Mr. Chakraborty hoped to promote the signing of a cooperation agreement or a memorandum of understanding (MoU) with the Ministry of Natural Resources and Environment in climate change response. He said that such an agreement would highlight ADB’s commitment to assisting Vietnam in solving the current climate crisis.

For his part, Mr. Thanh suggested ADB continue sharing experience and supporting Vietnam in developing and managing a carbon credit trading floor as well as connecting Vietnamese and international carbon markets.

The Vietnamese official also informed ADB that his ministry is reviewing and amending the government’s Decree 06/ND-CP on greenhouse gas emissions mitigation and ozone layer protection, with a focus on detailing regulations on the organization and development of the carbon market. (Tin Tuc, Cong Thuong, Doanh Nghiep Hoi Nhap)