Column: BHP joins the lengthening list of nickel price casualties
Indonesia's nickel production surge is challenging the West's ambitions of diversifying its critical metals supply chains.
Vietnam and donors led by the European Union are nearing a $15 billion climate-financing package, even as they continue to debate issues including the pace of the nation’s potential shift away from fossil fuels.
A memorandum of understanding to finalize a pact is likely to be signed as soon as Wednesday at the EU-ASEAN summit in Brussels, according to people familiar with negotiations.
Some discussions are still ongoing over the split between loans and grants and Vietnam’s slow progress in meeting targets under previous deals. Prime Minister Pham Minh Chinh has still not signed off on the deal, according to one of the people.
Coal use has surged worldwide for various reasons, including recovery from the pandemic and Europe’s energy crisis — even as nations across the globe seek to deter its use to combat climate change.
Vietnam’s package would be the third in a series of blockbuster deals to help coal-reliant middle-income countries accelerate the transition to cleaner energy. South Africa’s $8.5 billion agreement was the first, announced at last year’s United Nations climate summit. Indonesia’s $20 billion pact was unveiled at the Group of 20 gathering in Bali last month.
Coal makes up about half of Vietnam’s energy supply, yet its 2,000 miles (3,219 kilometers) of coastline are seen as ideal for generating wind power. The partnership will also involve technical assistance on how to streamline renewable-energy regulations as the country aims to reach carbon neutrality by the middle of the century.
Negotiations had been clouded by concerns about how much of the funding would be grant-based and how much debt Vietnam is willing to take on, even at highly concessional rates. Environmental activists have also been currently jailed in the Southeast Asian nation on what supporters call trumped-up charges.
(By John Ainger and Nguyen Dieu Tu Uyen, with assistance from Jennifer A. Dlouhy)
Comments