The Group of Seven (G7) industrialized nations have pledged $15.5 billion to help Vietnam transition away from coal, as part of a Just Transition Energy Partnership (JTEP) effort aimed at luring influential economies onto greener energy road maps.
There are several reasons why the G7 targeted Vietnam for special treatment, including that it was the ninth largest coal consumer and relied on coal to produce roughly half of its electricity in 2021, according to the BP Statistical Review of World Energy.
That's the fastest growth in all of Southeast Asia, and places Vietnam as the second largest power sector polluter in the region behind Indonesia .What's more, Vietnam's power emissions have grown nearly three times faster than Indonesia's since 2017, putting Vietnam on track to overtake Indonesia before the end of the decade if the average power sector emissions pace of the past five years remains unchanged in both countries.
The country is also a beneficiary of the fallout from the U.S.-China trade war, which sparked several manufacturers to rebase some of their manufacturing facilities to countries outside of China.
Singapore Latest News, Singapore Headlines
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