Just Energy Transition Partnership (JET-P)

Context: Senegal has become the fourth country after South Africa, Indonesia and Vietnam to sign the JET-P deal. Just Energy Transition Partnership:
  • Launch: It was launched in 2021 at the UNFCCC COP26 held at Glasgow, UK.
  • Aim:
    • To bridge the gap between developed and developing nations in moving towards clean energy.
    • To reduce emissions in the energy sector and accelerate the coal phase-out.
  • Financing Mechanism: In a Partnership, wealthier nations fund a coal-dependent developing nation to support the country’s own path to phase-out coal and transition towards clean energy while addressing the social consequences.
  • Tools of Funding: Grants, Loans, or Investments.
  • Donor Pool:
    • International Partners Group (IPG) that consists of Japan, the USA, Canada, Denmark, France, Germany, Italy, Norway, the EU, and the UK.
    • Glasgow Financial Alliance for Net Zero (GFANZ) Working Group comprises multilateral and national development banks and finance agencies.
  • Earlier, the G7 countries had decided to launch a Just Energy Transition Partnership (JET-P) with India, Indonesia, Vietnam and Senegal.
India’s Stand Over Just Energy Transition: 
  • A just transition in India requires more attention to socioeconomic aspects as mine closures affect a large number of informal workers, improving lives and livelihoods that require support through reskilling and economic diversification.
  • Hence, India argues that coal cannot be singled out as a polluting fuel, and energy transition talks need to take place on equal terms.
News Source: Down to earth

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