French development group CEO talks sustainability with Vietnam

By Phan Anh   February 21, 2023 | 07:58 am PT
French development group CEO talks sustainability with Vietnam
Rémy Rioux (R, 8th), CEO of Agence Française de Développement Group, visits the construction site of the Hoa Binh hydropower plant extension project in northern Vietnam, which is financed by AFD in energy transition, Feb. 18, 2023. Photo courtesy of AFD
The French government's Agence Française de Développement Group CEO Rémy Rioux visited Vietnam last week in preparation for June's Summit for a New Global Financial Compact in Paris.

During the visit on Feb. 17 and 18, Rioux discussed energy transition issues and worked with Vietnamese authorities to identify opportunities to accelerate the investments needed to meet Vietnam's ambitious climate commitments, according to an Agence Française de Développement (AFD) press release.

Vietnam has committed to achieve carbon neutrality by 2050.

In December, the country strengthened its ambitions by announcing a Just Energy Transition Partnership (JET-P) with a group of international partners including France financially supporting its strategy.

Under the JET-P, the nation aims to reduce the maximum annual emissions from the power sector by 30%, limit the maximum coal-fired power capacity to 30.2 GW, and accelerate the development of renewable energy to 47% of power generation by 2030.

The JET-P as such would mobilize $15.5 billion in public and private funding over the next 3-5 years to achieve such goals. Over the next 12 months, Vietnam will work with partner countries to develop and adopt a resource mobilization plan that will enable the implementation of the strategy and funding.

"Vietnam has a strong ambition in terms of energy and low-carbon transition, and I am honored and proud of the partnership we have been building with the country's authorities and institutions for nearly 30 years," Rioux said during the visit, according to the release.

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