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Climate Politics

Vietnam Nears $15 Billion Climate Pact to Curb Coal Dependence

  • MOU with donors including EU could come as soon as Wednesday
  • Discussions are ongoing over split between loans and grants
A coal yard in Hanoi. 

A coal yard in Hanoi. 

Photographer: Nhac Nguyen/AFP/Getty Images

Vietnam and donors led by the European Union are nearing a $15 billion climate-financing package, even as they continue to debate issues including the pace of the nation’s potential shift away from fossil fuels.

A memorandum of understanding to finalize a pact is likely to be signed as soon as Wednesday at the EU-ASEAN summit in Brussels, according to people familiar with negotiations.