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Vietnam's Song Hau 2 Coal Plant Moves Forward with $980 Million Loan Despite Climate Deal
Jun 26, 2024, 12:31 AM
Plans to build a long-delayed coal power plant in Vietnam are moving forward 18 months after the country agreed to a multibillion dollar deal to move away from the fossil fuel. The Song Hau 2 project has secured a $980 million loan to procure equipment, potentially setting back Vietnam's climate commitments. This development is drawing scrutiny from rich nations that bankrolled a $15 billion package aimed at helping Vietnam shift away from coal. The phase-out deal was offered by the ESG Glasgow Financial Alliance for Net Zero (GFANZ).
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