Vietnam PM approves $134.7bn energy plan, unlocking G7 green-transition funds

Vietnam’s Prime Minister Pham Minh Chinh has approved a power development plan requiring US$134.7 billion of funding for new energy plants and grids, a transfer that could potentially unlock billions of dollars in foreign funding. The plan, often recognized as PDP8, goals to ensure power safety for the Southeast Asian country while transitioning from its current heavy reliance on coal to carbon neutrality by 2050 reviews Channel News Asia.
The approval of the plan is a vital step to access an initial funding of US$15.5 billion in green-transition funds pledged to Vietnam in December by the Group of seven (G7) nations and other wealthier countries. Don’t miss out of the funds will come from the common public sector, with the rest supplied by non-public buyers.
Under the plan, 50% of workplace buildings and houses in Vietnam would be powered by rooftop photo voltaic panels by 2030. Additionally, the country aims to generate green power for exports, concentrating on 5 to 10 gigawatts (GW) by 2030..

Leave a Comment