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100-fold increase in solar power in Vietnam

by Jordan McKay, Aug 24
1 minute read

Over the past two years Vietnam has experienced a 100-fold increase in solar power.  Thanks to generous government subsidies, Vietnam now ranks 7th in the world in terms of solar capacity.

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So what?

Vietnam’s rapid solar installation isn’t coming from national carbon targets, Vietnam doesn’t have one, it’s happening due to finance.  Utilities in Vietnam have been struggling to get loans for new fossil-fuel energy production.  Plummeting solar panel costs, coupled with banks actively selecting renewable energy deployment and rejecting fossil energy projects has placed Vietnam on the fast track to a renewable energy future.

Could this signal a tipping point, beyond which finance for legacy power generation (fossil fuels) becomes untenable anywhere in the world?  What would it take for global finance to move entirely away from fossil-fuel projects?

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by Jordan McKay Spotted 41 signals

I help organisations anticipate change, set and achieve sustainability objectives and act strategically to create the future they want. I value creating collaboratively, designing ambitiously, and communicating frankly.

Focus areas: The future of mobility, Technology, Transport, Circular economy, Biodiversity

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