October 3

Campaigners Urge International Finance Corporation to Ditch Reported Backing for Vietnam Gas Project

A group of 26 influential climate organisations are urging the International Finance Corporation (IFC) to abandon plans to support construction of an LNG-to-power plant in Vietnam. 

The project would see a 4,000MW facility built in the Thua Thien Hue province in Central Vietnam. It is being overseen by Chan May LNG, a joint stock company that says on its website it is “working hand-in-hand with the Vietnamese government and the IFC” to meet the country’s rapidly expanding energy needs. 

In an open letter published on September 28, a group led by three NGOs – Friends of the Earth US, Recourse and Trend Asia – argues that embarking on a new fossil fuel project is unnecessary and harmful for the environment, and that the IFC should withdraw its support. Other signatories include BankTrack, Oil Change International and Stand.Earth.

“According to an analysis of different energy transition scenarios, Vietnam can transition to clean energy without any new LNG development,” the letter says, referring to research by the Energy Transition Partnership, which includes representatives from the German, Canadian and UK governments. 

Photo courtesy of Zbynek Burival.

Source: Global Trade Review (link opens in a new window)

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