Just Energy Transition Partnership (JET-P) deal

Santhosh Kumar 01/07/2023

Just Energy Transition Partnership (JET-P) deal upsc notes
Senegal signs JET-P
Fourth country
Others: South Africa, Indonesia, Vietnam
Announced June 22, 2023
Mobilizes 2.5 billion euros
Financing period: 3-5 years
About JET-P
Accelerate phasing out of coal
Reduce emissions
Sector: Energy
Launch: 2021
Announced at 26th UN Climate Change Conference of the Parties (COP 26)
Supported by:
United Kingdom (UK)
United States (US)
France
Germany
European Union (EU)
G7 partnership
Countries: India, Indonesia, Senegal, Vietnam
Funding for developing countries
Existing Deals
COP 26(2021)
South Africa finance: $8.5 billion
Aim: To meet Nationally Determined Contribution (NDC) goals
COP 27 (2022)
South Africa's JETP Implementation Plan (JETP IP)
G20 leaders’ summit in Bali
Indonesia’s JETP deal
Challenges
Developed countries' emphasis on coal phase-down
Ignores country context
Ignores energy transition differences
Between industrialized and emerging economies
India’s Stand
Refuses coal phase-out negotiation
Wants its own transition plan
JETP talks stalled
Differences in coal approaches
US push for coal phase-out
India's push for climate funds
For renewable energy
For technology transfer
For green jobs

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Categories: Environmental Protection Conventions, Global Warming & Climate Change

Tags: 30.06.2023, Newsbits

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