On 14/12/2022 at the ASEAN-EU Summit, it was announced that the government of Vietnam will undertake an ambitious national effort under a Just Energy Transition Partnership (JETP) to ramp up renewable energy and phase out accelerate fossil fuels. fuels, alongside investments in transition-oriented jobs and industries of the future. Prudential is honored to have been announced along with other private sector partners in the working group to support the IPG governments, led by the EU and the UK, and the government of Vietnam in this endeavour. The financial community plays an important role in Vietnam’s sustainable development and both Prudential and Eastspring look forward to supporting international and local partners who bring insurance and asset management industry expertise to the group.
Mr. Mark FitzPatrick, CEO, Prudential Plc said: “As Vietnam’s first foreign insurer, we have been a proud partner in developing the country’s financial sector over the past 30 years, deepening the capital market, insuring Vietnamese families and building resilience built up in the economy. In recent years, both our asset manager and insurance companies have been working with Vietnamese policy and regulatory partners on the issue of sustainability, which is why we are delighted to be representing our industry in the JETP working group. A just and inclusive transition to net zero is critical across Asia and we believe the financial community has an important role to play. We therefore look forward to supporting the Vietnamese and IPG government partners, along with other financial institutions in Vietnam, in realizing their own vision of a just transition.”
Mr. Phuong Tien Minh, CEO of Prudential Vietnam, commented on the partnership: “As a life insurer, asset owner and manager, we are interested in sustainable long-term development of the Vietnamese market and our approach to the just and inclusive transition focuses on making sure that the local market is ready to respond to the global energy transition. The Just Energy Transition Partnership (JETP), which was approved on December 14, is seen as an important step in Vietnam’s transition to a green economy. Financing the transition requires large-scale and coherent input from both the Vietnamese government and local and international partners, so we are proud to be an official partner of this partnership to help Vietnam achieve its ambitious 2050 net zero commitment to come true’.
Before that, on 26/10/2022, Prudential released a white paper advocating for a just and inclusive transition to a low-carbon economy, and its place in fulfilling the Paris Agreement.
The paper highlights the importance Prudential places on a just and inclusive transition to a low-carbon economy, and examines case studies and further action needed, both from Prudential and the wider market. Prudential hosted a policy roundtable at Asia House in London, while the newspaper was launched with the participation of the CEO of Prudential Group and HE Mr. Nguyen Hoang Long, the Ambassador Extraordinary and Plenipotentiary of Vietnam to the United Kingdom and Ireland. The ambassador emphasized Vietnam’s desire and determination to transform the entire economy into a low-carbon economy, even if it is not easy at all.
