Vietnam has increased its coal power target for 2030 under a revised draft energy plan, government documents seen by Reuters show, while renewables goals were scaled back, in a potential blow to rich nations' funding initiatives for cleaner energy.
The updated draft, dated Nov. 11, was circulated by Vietnam's industry ministry as climate negotiators from the Group of Seven nations failed to clinch a financing deal with Vietnam on a "Just Energy Transition Partnership" at the global climate COP27 summit, which ended in Egypt on Sunday.The latest plan backtracks on a draft released just last month that would have slowed the growth in coal use by the end of this decade. A meaningful drop in coal capacity would come only in 2045.
Under the government's latest baseline scenario, coal would remain Vietnam's most important source of energy until 2030 with more than 36 gigawatts of installed capacity and up to 11 new coal-fired power plants to be built in coming years, up from about 21 GW in 2020 and 30 GW in 2025. Renewable energy production, which has recently expanded rapidly, was seen rising to only 21 GW by 2030 in the latest plan, compared with 26 to 39 GW foreseen in the October draft, although an exponential increase is projected by mid-century with installed capacity of more than 200 GW of wind, solar and hydrogen plants. The figures exclude hydropower, which is traditionally a major power source in Vietnam.
EU officials and other Western negotiators had hoped Vietnam would become the second country to agree on a funding plan to speed up its reduction of coal use, after a similar deal was reached last year with South Africa.
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