In yet another blow for the global coal industry, Vietnam has signalled its retreat from this dirty energy source.
In a statement, Prime Minister Nguyễn Tấn Dũng said his government would review plans for new coal power plants, saying it will instead look to gas and renewables to power its electricity grid.
The latest news comes during an increasingly bleak period for the global coal industry, which has seen China announce huge mine closures, Indian coal imports and US coal production fall and more major coal players file for bankruptcy.
- Vietnam’s coal exit is welcomed, but actions speak louder than words. With 50 coal projects in pre-planning, consultation or construction across Vietnam, green groups are calling on the government to back up its rhetoric by “reassessing all proposed coal plants and putting in place policies to rapidly accelerate the development of renewable energy and energy efficiency”. By favouring renewables they say the government will also ensure home-grown, reliable energy supply for communities.
- Smart governments are moving away from coal. As governments’ pledge to end the fossil fuel era is translated into “implementation and action,” increasing renewables is the best hope of putting the “Paris climate goals within reach,” marking an increasingly bleak outlook for coal. Vietnam follows in the footsteps of a host of other governments including China, the US and the UK all taking steps to move away from the dirty energy source.
- Betting on renewables, over coal, makes both economic and climate sense. Investment in renewables, and renewable energy’s market share, are bounding upwards, making countries wealthier and healthier. This leaves those governments continuing to cling to dirty coal with nowhere to hide as they find themselves facing the consequences of their dirty choices that increase damage to their economy, health and communities.
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