Financing Block B development is a clear contradiction to Japan’s and Vietnam’s climate commitments.
Japan and Vietnam both pledged to reduce emissions and reach net zero by 2050. Supporting Block B development, however, is a clear contradiction of their climate commitments. In 2021, the International Energy Agency (IEA) reported that there should be no new oil and gas fields to meet Net Zero by 2050. While the Vietnamese government announced through its Power Development Plan 8 (PDP 8) its goal to reduce the share of coal power in the country’s energy mix, it is turning to fossil gas as a supposed transition fuel. But fossil gas is a fossil fuel fallaciously marketed as “clean.” In fact, fossil gas emits methane, which has 80 times the heat-trapping potential of carbon dioxide over the first 20 years it is released in the atmosphere.