ASSESSMENTS

The West Gives Vietnam's Climate Goals a Shot in the Arm -- And a Shot at Success

MIN READDec 21, 2022 | 20:52 GMT

A photo taken on Oct. 14, 2022, shows cranes picking up coal at a port of the Pha Lai thermal power plant in Vietnam's Hai Duong province.

A photo taken on Oct. 14, 2022, shows cranes picking up coal at a port along the Pha Lai thermal power plant in Vietnam's Hai Duong province.

(STR/AFP via Getty Images)

Western support is giving Vietnam's ambitious climate goals a shot in the arm, but Hanoi will still struggle to fully achieve those goals due to misaligned government approaches and the country's difficult operating environment for investors. On Dec. 14, Vietnam and the International Partners Group (IGP) -- the G-7 countries, plus Denmark and Norway -- signed a $15.5 billion Just Energy Transition Partnership (JETP) to help Vietnam invest in renewable energy and reduce its reliance on coal and other fossil fuels. Vietnam joins South Africa and Indonesia in signing partnerships with the IGP, which has singled out India and Senegal for its next JETP agreements. Under the program, IGP countries promise to mobilize $7.75 billion in public sector finance over the next 3-5 years and $7.75 billion in additional private sector finance through coordination with the Glasgow Financial Alliance for Net Zero (GFANZ) working group....

image of globe

Connected Content

Article Search