The information was announced by Mr. Olivier Brochet, Ambassador of France to Viet Nam, at a press conference marking the 10th anniversary of the Paris Agreement on December 11. The funding will be allocated to climate-related projects in Viet Nam, including €500 million in investments under the Just Energy Transition Partnership (JETP).
In 2015, 196 countries signed the Paris Climate Agreement with the aim of keeping global temperature rise below 1.5 degrees Celsius compared to pre-industrial levels.
France and the European Union (EU) agree that, alongside commitments to achieve net-zero emissions by 2050, developed countries must support developing nations in responding to climate change. With a €1.5 billion commitment to Viet Nam through 2030, the French Ambassador expressed hope that other developed countries would follow suit and increase their contributions.
Mr. Olivier Brochet, Ambassador of France to Viet Nam, on December 11. Photo: Thuy Truong
The French Ambassador noted that Viet Nam should prioritise energy transition efforts in its climate response, as the energy sector is a major source of emissions. In particular, two areas require focused attention: renewable energy storage capacity and power grids, which are challenging to attract private investment.
Regarding climate finance, Mr. Tang The Cuong, Director General of the Department of Climate Change (DCC) under the Ministry of Agriculture and Environment, stated that Viet Nam is among the countries that adopted the JETP at an early stage. Under this framework, Viet Nam has successfully mobilised funding for three projects, including grid strengthening in Binh Duong (USD 78 million), expansion of the Tri An hydropower plant (USD 93 million), and the Bac Ai pumped-storage hydropower project (USD 557 million). To date, the number of proposed JETP-aligned projects has increased to 44, with total capital needs exceeding USD 10 billion.
Reflecting on ten years of implementation of the Paris Agreement, Ambassador Brochet emphasised that the agreement is delivering tangible results. Following COP30 at the end of November, projected temperature increases are estimated at 2.3–2.5 degrees Celsius. Although this remains above the 1.5-degree target, the objective of limiting global warming has come closer to being achieved. In addition, the Paris Agreement promotes fairness and avoids positioning industrialised countries in opposition to developing nations.
EU Ambassador to Viet Nam Julien Guerrier highlighted the visible negative impacts of climate change. The year 2024 was recorded as the hottest on record, while this year’s storm season caused unprecedented devastation across Southeast Asia. He expressed confidence that the international community can work together to bring global temperature rise back below 1.5 degrees Celsius.
Source: VnExpress
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