Vietnam is the latest developing country to secure a just energy transition partnership to move away from coal.Vietnam has secured a $15.5 billion deal with wealthy nations to move away from coal.
The Southeast Asian nation will receive half of the allotted package of grants and loans from country donors, with the other 50% coming from a group of investors known as Glasgow Financial Alliance for Net Zero. The deal marks the third of a series of major financing agreements known as"Just Energy Transition Partnerships" — first launched at last year's COP26 summit Glasgow — in which rich nations help pay for heavily coal-dependent emerging economies to move toward greener energy sources. Similar multi-billion dollar deals have been made with South Africa and Indonesia.The Vietnam agreement was officially signed off during the EU-ASEAN summit in Brussels on Wednesday.
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