The Vietnamese government promised to pursue an ambitious national effort under a Just Energy Transition Partnership (JETP) to ramp up renewable energy and accelerate the phasing down of fossil fuels alongside investment in transition-aligned jobs and industries of the future at the ASEAN-EU Summit on December 14.
Prudential is honoured to have been named along with other private sector partners in the working group to support the IPG governments, led by the EU and UK, and Vietnam in this endeavor.
The financial community has an important role to play in Vietnam’s sustainable development and both Prudential and Eastspring look forward to supporting international and local partners in bringing expertise from the insurance and asset management sectors.
Mark FitzPatrick, CEO, Prudential Plc, said: “As the first foreign insurer in Vietnam, over the past 30 years we have been a proud partner on the country’s financial sector development, deepening the capital market, ensuring Vietnamese families, and building resilience in the economy.
“In recent years both our asset management and insurance businesses have been working with Vietnamese policy and regulatory partners on the question of sustainability, and we are therefore thrilled to represent our sector on the JETP Working Group.
“A just and inclusive transition to net zero is of critical importance across Asia and we believe that the financial community has an important role to play. We will therefore look forward to supporting the Vietnamese and IPG government partners, along with other financial institutions in Vietnam to realise their own vision of a just transition.”
Phuong Tien Minh, CEO of Prudential Vietnam, said about the partnership: “As a life insurer, asset owner and manager, we are interested in the sustainable long-term development of the Vietnam market, and our approach to the just and inclusive transition focuses on making sure the local market is ready to respond to the global energy transition.
“The Just Energy Transition Partnership is viewed as a significant step in Vietnam's transition to a green economy.
“Financing the transition requires large-scale and cohesive inputs from the Vietnamese government and local and international partners, and so we are proud to be in this partnership to help Vietnam deliver on its ambitious 2050 'net zero' commitment.”
Prudential hosted a roundtable in London while launching the white paper outlining the case for a just and inclusive transition to a low carbon economy. — Photo courtesy of Prudential
On October 26 this year Prudential released a white paper outlining the case for a just and inclusive transition to a low-carbon economy, and its place in meeting the Paris Agreement.
The paper highlights the importance that Prudential places on ensuring the transition to a low-carbon economy is a just and inclusive one, and explores case studies and further actions required, both from Prudential and the wider market.
Prudential has hosted a policy roundtable at Asia House in London while launching the paper with the participation of Prudential Group’s CEO and Nguyen Hoang Long, ambassador extraordinary and plenipotentiary of Vietnam to the United Kingdom and Ireland.
The ambassador emphasised Vietnam’s desire and determination, though not at all easy, to transform into a low-carbon economy. — VNS