[Answered] Briefly describe the salient features of Just Energy Transition Partnership for Climate Financing?

Introduction: Contextual introduction.

Body: Explain salient features of Just Energy Transition Partnership for Climate Financing.

Conclusion: Write a way forward.

The G7 countries had decided to launch a Just Energy Transition Partnership (JTEP) with India, Indonesia, Vietnam and Senegal this year. The JETP initiative is modelled after the South Africa JETP launched at the COP26 in Glasgow with the support of the United Kingdom (UK), the United States (US), France, Germany, and the European Union (EU).

Salient features of Just Energy Transition Partnership for Climate Financing:

  • This partnership is aimed at helping large developing economies to move away from coal in their electricity systems and achieve the Paris climate goals.
  • The goal is to support these countries’ self-defined pathways as they move away from coal production and consumption while doing so in a way that addresses the social consequences involved, such as by ensuring training and alternative job creation for affected workers and new economic opportunities for affected communities.
  • It seeks to minimise emissions from power sector, phase down coal usage and create a strategy based on expansion of renewable energy.
  • JETP for India needs to work with one Indian state at a time and part-fund the electricity sector reform to achieve investability in that state.

The JETP project can be seen as an effort towards Paris Agreement’s promise of $100 billion in annual funding for countries like India that had gone unfulfilled.

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