Coal news and updates

Rich nations mobilise $15.5bn for Vietnam’s coal-to-clean transition

Wealthy countries and banks will provide $15.5 billion to help Vietnam transition away from coal, the UK foreign ministry announced on Wednesday.

Half of the money is to come from governments, the Asian Development Bank and the International Finance Corporation. The rest will come from private investment co-ordinated by the Glasgow Financial Alliance for Net Zero.

An initial amount of $15.5 billion in public and private finance will be disbursed over the next three to five years, according to the press release.

The deal will help Vietnam to peak its greenhouse gas emissions by 2030, bringing forward a previous 2035 projection, limit its peak coal capacity to 30.2 gigawatts (GW) instead of an initially planned 37 GW, and source 47% of its power from renewable energy by 2030, the statement said.

The contributors claim delivering on these targets will save around 500m tonnes of carbon dioxide by 2035. That’s about the same as the nation of Turkiye emits every year.