Two of the world’s major coal-based economies were expected to receive billions of dollars of funding at COP27 from a G7 initiative to wean them off coal and deliver clean energy transitions, but while Indonesia has walked away with a US$20 billion deal, talks have stalled on the US$5 billion set aside for its Southeast Asian neighbour Vietnam, leaving the G7 nations that deliver the funding scratching their heads.
Solar accounted for half of all global power generating capacity added last year, with 182GW deployed, a 25% increase on 2020, according to a report from BloombergNEF (BNEF).
Investment firm KKR has launched Aster Renewable Energy, a renewable platform aimed to develop, build and operate solar, wind and energy storage projects in Southeast Asia.
Vietnam has cut its 2030 power capacity target by 35GW under its newly agreed upon draft Power Master Plan VIII (PMP8) but is making more room for renewables as it seeks to reduce its reliance on coal.
Solar developer ib vogt is partnering with the energy platform of Philippine conglomerate Ayala to develop large-scale PV projects in the Asia-Pacific region.
Vietnam’s near-term renewables outlook will be weighed down by regulatory and operational uncertainties stemming from a lack of clear policy and an “underdeveloped grid capacity”, according to Fitch Solutions’ latest report on the market.
