G-7 approves 15.5 billion US dollar deal with Vietnam to help cutting climate-damaging pollution

A group of nine rich industrialized nations has approved a deal to provide Vietnam with 15.5 billion US dollars to help the Southeast Asian nation move faster from coal power to renewable energy, cutting its climate-damaging pollution. The Group of Seven major economies, along with Norway and Denmark, said in a statement that the aim is to help Vietnam reduce its emissions to “net zero” by 2050. It is a goal which experts say needs to be met globally to cap global warming at 1.5 degrees Celsius.

The Just Energy Transition Partnership with Vietnam is among a series of agreements that developing and rich nations are negotiating. The first such deal was signed with South Africa last year, and a similar agreement was reached with Indonesia last month. British Prime Minister Rishi Sunak said that Vietnam is a dynamic, emerging economy at the heart of Southeast Asia. He said the investment they are making today means the country can cut its emissions while simultaneously creating new jobs and growth.