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Vietnam unveils $15.5B Green Energy Transition Plan

Vietnam has unveiled a $15.5 billion plan to shift to Green Energy and away from coal power, aiming for net-zero carbon emissions by 2050. Prime Minister Pham Minh Chinh presented the Resource Mobilisation Plan (RMP) during COP28 in Dubai. Furthermore, he emphasized an open mechanism and smart management for its implementation.

The commitment aligns with the Just Energy Transition Partnership (JETP). This partnership is where developed nations support developing counterparts in transitioning to clean energy. Despite this substantial investment, environmentalists caution that the plan falls short of essential measures.

Critics express concern over Vietnam’s intent to continue operating coal-fired plants until the end of their lifespan. Leo Roberts from environmental strategists EG3 highlights the “worrying” aspect of the plan. Particularly the flexibility in using coal-fired plants instead of an early closure.

Green energy important for Vietnam’s economic growth

While aiming for a sustainable energy shift, Vietnam’s decision to maintain coal operations raises concerns. It prompts questions about the country’s dedication to achieving its net-zero target. The emphasis on flexibility may hinder the rapid adoption of cleaner energy sources needed to combat climate change effectively.

The announcement at COP28 signifies Vietnam’s acknowledgement of the global push towards cleaner energy and reduced carbon emissions. The nation’s commitment to an open mechanism and smart management suggests a willingness to adapt and collaborate in achieving climate goals.

However, concerns about the longevity of coal operations and limited civil society space underscore the challenges in implementing a comprehensive, environmentally friendly strategy. As the world collectively strives for a greener future, Vietnam’s approach is under scrutiny. It must emphasize the importance of decisive action in adopting more green energy initiatives and the fight against climate change.

However, some officials defer. They say that Vietnam’s economy has significantly improved, propelled by substantial investments. This economic boost has positively impacted the environment as the country increasingly transitions to sustainable practices. Investments have facilitated eco-friendly initiatives, contributing to a harmonious balance between economic growth and environmental conservation in Vietnam.

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