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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