by James Murphy
The New American
On Wednesday, the G7 nations announced that they are giving loans and grants totaling $15.5 billion to Vietnam in order to assist the Southeast Asian nation in switching from coal-based energy to renewable sources.
The G7, which includes Canada, France, Germany, Italy, Japan, the United Kingdom, the United States, and the European Union, were joined by Norway and Denmark in the deal.
The loans are to be used to assist the communist government in reaching peak greenhouse-gas emissions by 2030 — five years earlier than Vietnam’s previous goal. Under the terms of the agreement, Vietnam will limit its peak coal capacity to 30.2 gigawatts, down from 37 gigawatts, and get 47 percent of its energy from renewable sources — all by 2030…
“Western taxpayers to give Vietnam $15.5 billion — mostly in ‘loans’ — to transition out of coal,” tweeted climate contrarian Steve Milloy. “The ‘loans,’ of course, will never be paid back and taxpayers will be stuck bailing out the lending banks. Think Solyndra, but 30 times bigger.”