Countries Mobilize Financing for Vietnam’s Transition to Renewable Energy

WASHINGTON, D.C. – A coalition of countries and the private sector announced today it will mobilize $15.5 billion of public and private finance over the next three to five years to help Vietnam shut down coal power plants, constrain natural gas power plants, and ramp up investment in renewable energy.

The following is a statement from Jake Schmidt, senior strategic director for international climate in the International program at NRDC (Natural Resources Defense Council):

“This agreement will help Vietnam shift rapidly away from coal-fired energy, avoid a natural gas build-out, significantly scale-up renewable power, and begin to align Vietnam’s electricity sector with the global goal to limit warming to 1.5C. It is essential that Vietnam delivers the necessary reforms to further unleash its huge renewable energy potential and avoid locking-in energy strategies that are incompatible with our climate goals.

“G7 countries should only mobilize international funding for this transition when the Vietnamese government commits to including essential civil society participants in the process so that the Vietnamese energy transition is delivered and benefits all citizens."

NRDC (Natural Resources Defense Council) is an international nonprofit environmental organization with more than 3 million members and online activists. Since 1970, our lawyers, scientists, and other environmental specialists have worked to protect the world's natural resources, public health, and the environment. NRDC has offices in New York City, Washington, D.C., Los Angeles, San Francisco, Chicago, Bozeman, MT, and Beijing. Visit us at www.nrdc.org and follow us on Twitter @NRDC.