October 30, 2024
Valuing life with a climate change countering motto ‘save our planet’ ambitions remain on top priority for the world, enabling action at COP29 hosted by Baku for 2024. COP29 President-Designate letter describes the 2024 UN Climate Change Conference in Azerbaijan as “a litmus test” for the Paris Agreement, global climate action, and cooperation, with a new collective quantified goal (NCQG) on climate finance as its “centerpiece” with an active engagement of global, regional, national, and subnational groups by adopting an advanced “holistic view” of sustainable development with an exclusive process that delivers inclusive outcomes. At COP29, the participating countries will be further reporting on their respective actions post COP28 and reaffirming their commitments towards climate change objectives while exploring opportunities. Diversified Partnering Options Vietnam signed the Just Energy Transition Partnership (JETP) on 14 December 2022 with G7 countries and as it maintains momentum, there are challenges pertaining to mobilization stream when it gets elevated considering economic instability posed to due fluctuating global economic and security dynamics. On one hand, Vietnam focusses on integrating the local industry as a trend towards its Industrial Revolution 4.0, while modernising and digitalising the power systems and networks by embracing smart technologies. In its green journey the country acknowledges and emphasize on the importance of integrating renewable energy sources such as wind, solar, and hydropower when in parallel it promotes its energy security with other sources of electricity generation. On the other hand, financing remains a riddle that is yet to be solved. Although, international commitments, green funds, bonds, and credit sources are in abundance to ensure a sustainable energy transition, but bankability consistently...