Climate Politics
Vietnam Seals $15.5 Billion Deal with Rich Nations to Exit Coal
- Agreement will help bring peak emissions date forward to 2030
- South Africa, Indonesia got similar multi-billion dollar deals
A coal power plant in southern Vietnam's Binh Thuan province.
Photographer: Manan Vatsyayana/AFP/Getty Images
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Vietnam has landed a $15.5 billion partnership with funders led by the European Union and the UK to help finance its transition away from coal.
The Southeast Asian nation will receive half of the allotted package of grants and loans from country donors, with the other 50% coming from a group of investors known as Glasgow Financial Alliance for Net Zero. The funding will go toward cleaning up Vietnam’s power sector by moving away from coal, one of the dirtiest fossil fuels.