G7 nations pledge funds to Vietnam, Indonesia and India to wipe out coal

The G7 countries have pledged multi-billion dollars to Vietnam, Indonesia and India for transition from coal to green energy.

The G7 partners have urged these countries to quit coal for this.

According to reports, the three agreements have been under negotiation, while two new partnerships are likely to be announced during the COP27 UN climate talks in Egypt.

As per a report, initial cash offers of around $5 billion and $10 billion could be offered to Vietnam and Indonesia respectively.

It has been reported that regarding India, it is not certain as the country needs backing for renewable energy rather than phasing out its coal industry.

The donors G7 along with Norway and Denmark are exploring how solar and battery storage might replace coal power. It is said that they have asked Indonesia to prepare for a 2030 peak in power sector emissions before the net zero emissions target by 2050-2055.

Regarding Vietnam, it has put expectations of over $5 billion that is being offered. It has been asked to set 2030 peak in power emissions and for coal to peak at 25 GW in 2025, a report mentioned.