Germany and Japan are stepping up to support Just Energy Transition Partnerships (JETPs) for developing nations, aiming to bridge the funding gap left by the US withdrawal. These partnerships aim to help Indonesia, Vietnam, and South Africa transition away from fossil fuels. While uncertainty remains regarding the US commitment, global partners are confident in continuing their financial support for these crucial climate initiatives.
Nations including Germany and Japan are working to shore up programs aimed at delivering about $45 billion to help developing countries abandon fossil fuels as the US pulls back from a leadership role.
A meeting is being scheduled for either this month or March to review the outlook for the wider initiative, which includes Vietnam’s roughly $15.5 billion deal and South Africa’s $9.3 billion package, one of the people said. Discussions will also consider the implications for possible future funding pacts with nations like Colombia, the person said.
A retreat of the US from climate diplomacy, and as a source of funding, is threatening to add new complications to the JETP plans. The programs were initially hailed as a breakthrough when they were first conceived in 2021 because they, in theory at least, solved a crucial problem: How to bring together public and private money to make it economically feasible for large developing nations to wean themselves off fossil fuels.
Looming elections in Canada, Germany and France threaten to add further obstacles to the prospects for the JETP deals. Nations outside the US and global banks are “still committed to encouraging global emission reduction,” said Paul Butarbutar, head of Indonesia’s JETP Secretariat, which oversees the program in the country. “It is unfortunate that Trump took such a policy, but the others remain committed.” The US had pledged to contribute about $2.1 billion in public financing for the Indonesia deal, almost one-fifth of the total for that segment, according to a 2023 investment plan.
Climate Change JETP Climate Change Fossil Fuels International Aid US Foreign Policy
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