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.
- 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.