According to a $15.5 billion deal signed on Wednesday, nine developed, wealthy countries would aid Vietnam in hastening its switch from coal to renewable energy.
The Just Energy Transition Partnership agreement was reached during COP27 and includes the G7 countries, Norway, and Denmark. Vietnam wants to reach the peak of its greenhouse gas pollution in 2030 rather than 2035 with the aid of finance, which is mostly in the form of loans from both public and private sources.
The Associated Press Reported:
A veteran of the American war in Vietnam and U.S. climate envoy John Kerry had made Vietnam the center of his climate work for the Biden administration. Kerry visited Vietnam on several occasions to press the country’s officials to abandon ongoing coal-fired power projects and work with richer countries on cleaner energy alternatives instead.
According to Vice President Joe Biden of the United States, the agreement will assist Vietnam in providing long-term energy security, open up opportunities for the populace, and promote the battle against the climate problem.
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Vietnam and the G7 Countries Reach $15.5 Billion Agreement to Stop Using Coal and Increase Renewable Energy.