G7 nations and Norway have pledged to provide Vietnam with $15.5 billion in the next three to five years to help the country accomplish its net-zero emission target in 2050.
Tran Hong Ha, Vietnamese Minister of Natural Resources and Environment, said Thursday that Vietnam and the Group of Seven industrialized nations, which are Canada, France, Germany, Italy, Japan, the U.K., as well as the European Union; and Norway signed the “Just Energy Transition Partnership” at the 45th ASEAN – EU Summit in Belgium Wednesday.
The partnership aims to bring forward Vietnam’s peak greenhouse gas emissions by five years to 2030, cut emission in its power industry by 30%, or from 240 million tons of CO2 to 170 million tons, by 2030.
It also aims to reduce Vietnam’s coal-fired power capacity from the planned 37 GW to 30.2 GW, and boost the ratio of renewable energy in the nation’s electricity output from the current 36% to 47% in 2030.
Fulfilling the four tasks will help reduce Vietnam’s greenhouse gas emission by around 500 million tons by 2035, the partners said.
According to the environment ministry, around $200 million of the agreed $15.5 billion will be grants and the rest low-interest loans.
Vietnam will have to work with the Western partners next year to build a plan to raise the financial resources.
Two other countries have joined JETP in similar fashion. The G7’s deal with Indonesia promised $10 billion in public funds to shut down coal plants there and bring forward the sector’s peak emissions by seven years to 2030. South Africa was promised $8.5 billion, according to Reuters.
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