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As various emerging economies are seeking to leapfrog coal and move to clean energy through Just Energy Transition Partnerships (JETPs), Viet Nam has passed an important first milestone by setting its Resource Mobilization Plan (RMP). A sign of strategic collaborations and investment opportunities to come, this plan has already prompted high-level discussion between the Asian Development Bank and Vietnam Electricity on a battery energy storage system pilot project.
Global investment in energy transition technologies, including energy efficiency, reached a record high of USD 1.3 trillion in 2022. However, annual investments need to at least quadruple to remain on track to achieve the 1.5°C Scenario in IRENA’s World Energy Transitions Outlook 2022. Investment in renewable energy was also unprecedented – at USD 0.5 trillion – but represented less than one third of the average investment needed each year.
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