Vietnam’s prepare for paying $15.5 billion for its thoroughly clean energy changeover to be declared at COP28

Vietnam’s prepare for paying .5 billion for its thoroughly clean energy changeover to be declared at COP28


A guy walking past wind turbines at the Phu Lac wind farm in southern Vietnam’s Binh Thuan province.

MANAN VATSYAYANA | AFP | Getty Images

A strategy for how Vietnam will shell out $15.5 billion to changeover to cleaner electrical power has been finalized and will be introduced at the COP28 climate meeting, which commences in Dubai following week.

Mark George, the local climate counselor for the British Embassy in Hanoi, claimed that just after months of coordination with essential Vietnamese ministries to iron out details of how the cash will be applied, the final strategy was finalized on Thursday.

George gave no particulars of the strategy.

The United Kingdom is co-chair of a group of nine, abundant industrialized nations that have agreed to supply the $15.5 billion to assistance Vietnam conclusion its reliance on soiled coal electrical power and far more rapidly swap to renewable electricity as a section of a Just Vitality Changeover Partnership, or JETP.

“That is a actually critical milestone,” explained George.

George was talking at a panel dialogue hosted by the British isles-Vietnam Joint Economic and Trade Committee centered around chances for the two nations just after Britain formally joined an Asia-Pacific trade team that consists of Japan and 10 other nations.

Earlier this year, Vietnam unveiled a national strength approach that aimed to more than double the highest ability Vietnam can make to some 150 gigawatts by 2030. It called for a drastic change away from seriously polluting coal and pledges that no new coal-fired vegetation will be developed following 2030. It also known as for expanding use of domestic fuel and imported liquefied pure fuel or LNG, which will account for about 25% of full creating potential, though hydropower, wind, solar, and other renewable resources will account for almost 50% by 2030.

Tang The Hung, the deputy director common of Vietnam’s department of Strength Effectiveness and Sustainable Growth, who also was at Friday’s panel, stated “good aid” from the worldwide community was necessary to guarantee Vietnam can carry out its approach.



Resource

CNBC Daily Open: Tesla’s increased costs outweighed its revenue growth
World

CNBC Daily Open: Tesla’s increased costs outweighed its revenue growth

Tesla electric vehicles are parked at a Tesla service center on Aug. 2, 2025 in San Diego, California. Kevin Carter | Getty Images There are generally two ways for a company to increase its profit: increasing sales or cutting costs. Preferably both at the same time — because a rise in revenue might be overshadowed […]

Read More
Bank of Korea holds rate at 2.5% as tighter property rules kick in
World

Bank of Korea holds rate at 2.5% as tighter property rules kick in

Bank of Korea warned there’s a chance of increased volatility following more rate hikes from the Fed, following U.S. Federal Reserve Chair Jay Powell’s speech in Jackson Hole. Photographer: SeongJoon Cho/Bloomberg via Getty Images Bloomberg | Bloomberg | Getty Images South Korea’s central bank kept its benchmark interest rate unchanged at 2.5% Thursday, extending a […]

Read More
Asia-Pacific markets fall, tracking Wall Street declines on concerns over U.S.-China trade relations
World

Asia-Pacific markets fall, tracking Wall Street declines on concerns over U.S.-China trade relations

Asia-Pacific markets fell Thursday, tracking Wall Street’s declines on concerns about U.S.-China trade relations. Trade fears resurfaced after Reuters reported Wednesday stateside that the Trump administration is considering curbs on exports to China that are made with U.S. software, citing a U.S. official and three people briefed by U.S. authorities. The sources said that the plan, […]

Read More