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The G7 will provide US$15.5bn to help Vietnam move towards cleaner energy and away from coal, Reuters reported, citing two Western sources.
A deal that size would be the largest of its kind for the G7 after it previously promised Indonesia US$10bn and South Africa US$8.5bn in similar deals to encourage those countries to become less reliant on coal, the single largest source of global carbon emissions.
Half of the US$15.5bn will come from the public sector and the rest from private investors, the sources said.
Vietnam is one of the world's top 20 consumers of coal.
The country was initially slated to sign the "Just Energy Transition Partnership" with G7 nations at the COP27 climate summit in November, but high-level talks stalled before the meeting.
Western negotiators, led by the European Union and the UK, have repeatedly increased the amount of funding offered to try to persuade Vietnam to back the offer, Reuters said.
At the same time several EU countries have been forced to extend the life of coal plants scheduled for closure, reopen closed plants or lift caps on working hours of coal plants to reduce natural gas consumption amid higher prices and uncertain supplies.
China and India together consume double the amount of coal as the rest of the world combined, according to the International Energy Agency, with China alone accounting for more than half the world’s demand.
