Australia, Japan, US to help Vietnam cut GHG emissions

State-backed institutions from Japan, Australia and the US will work together to support Vietnam’s goal of achieving net zero greenhouse gas (GHG) emissions, the Japan Bank for International Cooperation (JBIC) said on January 12.

JBIC, the US International Development Finance Corporation (DFC), the department of foreign affairs and trade (DFAT) of Australia, and Export Finance Australia (EFA) have announced the formation of Vietnam Climate Finance Framework (VCFF).

In 2018, JBIC and these other organisations launched the Australia-Japan-United States Trilateral Infrastructure Partnership (TIP). VCFF further enhances the initiatives that have been built under the TIP and supports the decarbonisation and energy transition of Vietnam in multiple sectors, including the power sector by “making full use of the financial schemes” of institution in Australia, Japan and the US, JBIC said.

Vietnam plans to achieve net zero GHG emissions by 2050. JBIC said that the government of Japan aims to actively support Vietnam in achieving net zero GHG emissions by sharing the technology and knowledge of Japan based on the Asia Zero Emissions Community (AZEC) concept, which the government announced in January 2022.