Vietnam plans to add coal plants until 2030, stalling G7 clean energy proposals

Reuters – According to government documents seen by Reuters, the revised draft energy plan Vietnam has raised its coal power target for 2030, while its renewable energy target has been reduced. Moves affecting rich nations’ clean energy financing projects

The latest revised draft of the energy plan was dated 11 November and was published by Vietnam’s Ministry of Industry. It comes as climate negotiators from the G7 failed to reach a financial agreement with Vietnam on a fair energy transition partnership. At the COP27 climate summit which ends in Egypt on Sunday.

The latest draft energy plan replaces a draft aim published last month to slow growth in coal use by the end of the decade. A meaningful reduction in coal capacity will only occur by 2045.

Vietnam, one of the top 20 coal users in the world has seen protracted debates among governments About the energy development plan for this decade And there may be more changes in the weeks and months to come. This adds to the complexity of the climate negotiators’ work. Led by EU diplomats It hopes to reach an agreement with Vietnam during a summit in Brussels next month.

Under the latest circumstances of the Vietnamese government Coal will remain the country’s most important source of energy through 2030, with more than 36 gigawatts of installed capacity and 11 new coal-fired power plants to be built in the coming years, up from 21 gigawatt last year, 2020 and 30 GW by 2025

However, the share of coal power capacity will decrease. to less than 28% by the end of the decade from 34% in 2020.

In the draft energy plan for October The Vietnamese government has set a goal to limit the production of coal power to around 30 gigawatts by the end of the decade. According to documents seen by Reuters

Coal consumption has increased dramatically globally since Russia invaded Ukraine at the end of February. That also caused the price of fossil fuels to skyrocket.

renewable energy generation that is expanding rapidly now It aims to increase by 21 GW alone by 2030 in the latest plan. Compared to the draft plan in October The target is an increase of 26-39 GW, however, an exponential increase is expected in the middle of the century. With more than 200 gigawatts of installed wind, solar and hydrogen power plant capacity, this figure does not include hydropower. which is the main source of traditional power in Vietnam

“Solar and wind energy are developing very quickly in Vietnam. And this caused a problem. because the country’s energy grid is limited,” the document said.

By 2050, coal will no longer be part of Vietnam’s energy mix. while gas and liquefied natural gas will increase slightly from the current capacity to 44 gigawatts.

Vietnam’s carbon emissions are expected to increase exponentially as the country of 100 million people grows rapidly. Unless the country switches to renewable energy and other energy sources. which pollutes less quickly

EU officials and other Western negotiators hope that Vietnam will be the second country to agree on a financing plan to speed up the process of reducing the use of coal. After a similar agreement was reached with South Africa last year.

The European Union, leading negotiations on behalf of the G7 countries, together with the UK looked at possible deals at the COP27 summit, according to internal documents seen by Reuters.

But a set of multi-billion dollar deals overhauled? most of them loans failed to convince Vietnamese negotiators According to diplomatic and industry sources, Vietnam needs more aid and more control over how capital is paid.

Although Vietnam has not made any progress. But Indonesia took a step towards announcing an agreement with rich countries on funding for the switch from coal at the G20 summit in Bali.

However, EU officials set new targets for the Vietnam deal at a summit with the Association of Southeast Asian Nations. that will happen in mid-December in Brussels

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