The G7 leadership has announced initiatives to support the phasing out of coal-fired power projects in Indonesia and Vietnam. In line with this, the G7 members will provide financial and technical assistance to aid the countries’ transition away from coal-fired power generation in support of renewable energy (RE). An agreement is expected to be signed in May 2022
Majority of contributions to support Indonesia’s transition away from coal will be supported by the Government of Japan and the US, with G7 members and the European Union (EU) serving as partners. Meanwhile, the Government of Vietnam’s efforts to phase out coal projects will be supported by the Government of the United Kingdom and the EU.
The amount of assistance for both the governments will be announced in the future.
The initiative will also utilise the Asian Development Bank’s (ADB) proposed fund and financing scheme for Southeast Asia (SEA) region’s early coal transition.