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Vietnam Nears $11 Billion-Plus Deal to Shift Economy from Coal

  • EU, UK-led funding package announcement on Dec. 14, people say
  • Decarbonizing power sector, activists among last deal hurdles
The Phu Lac wind farm in Vietnam's Binh Thuan province. 

The Phu Lac wind farm in Vietnam's Binh Thuan province. 

Photographer: Manan Vatsyayana/AFP/Getty Images

Vietnam is set to follow Indonesia and South Africa with a climate financing package of at least $11 billion to shift its economy away from coal and boost the rollout of renewable energy sources.

Vietnam and its donor countries, led by the European Union and the UK, are aiming to announce the Just Energy Transition Partnership funding deal -- which could total as much as $14 billion -- at the EU-ASEAN summit on Dec. 14, according to people familiar to the matter. Between $5 billion and $7 billion will come from public loans and grants, with the rest from private sources.