G-7 agrees $15.5B energy deal with Vietnam to cut emissions
Tags: International News
The Group of Seven (G-7) rich industrialised nations has approved an agreement to provide $15.5 billion to Vietnam.
This will help the Southeast Asian nation rapidly move from coal-fired power to renewable energy, thereby reducing its climate-damaging pollution.
The Group of Seven major economies, along with Norway and Denmark, said that the aim is to help Vietnam reduce its emissions to “net zero” by 2050, a goal which experts say needs to be met globally to cap global warming at 1.5 degrees Celsius (2.7 degrees Fahrenheit).
The Just Energy Transition Partnership with Vietnam is among a series of agreements that developing and rich nations are negotiating.
The first such deal was signed with South Africa last year, and a similar agreement was reached with Indonesia last month.
The $15.5 billion of funding will come from public and private sources over the coming three to five years.
The G7 or the Group of Seven is a group of the seven most advanced economies.
The seven countries are Canada, the USA, UK, France, Germany, Japan and Italy.
It was formed in 1975.
G7 countries meet annually to discuss issues of common interest like global economic governance, international security and energy policy.
All the G7 countries and India are a part of G20.
The G7 does not have a fixed headquarters.
The UK currently chairs the G7 and has invited India along with Australia, the Republic of Korea and South Africa as guest countries for the G7 summit.
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