Along with over 25 other influential groups and organizations, Turtle Island Restoration Network is urging the International Finance Corporation (IFC) to abandon plans to support construction of an LNG-to-power plant in Vietnam.
The Chan May 4,000MW LNG-to-power plant in Vietnam lists the IFC as a project sponsor on their website, “Chan May is working hand-in-hand with the Vietnamese government and the International Finance Corporation (‘IFC’) to develop a 4,000MW integrated liquefied natural gas (LNG)-to-power facility.”
Vietnam can transition to cleaner energy without LNG development, and development of LNG will hurt the country’s long term goals. Supporting renewable energy investments would result in savings down the road, as well as hasten the nation’s green transition.
Additionally, the US Treasury—the largest IFC shareholder—is prevented from being able to support this project. The US is only able to support gas projects in exceptional circumstances, while meeting certain criteria. One of the criteria is the receiving country must be an IDA nation, which Vietnam is not. These are just a couple of factors that illustrate the IFC’s potential support as difficult to understand.
The Chan May LNG-to-power plant would cause decades’ worth of greenhouse gas emissions, pollution, and high fuel costs. The resources that would be allotted toward the project would be better served headed towards renewable and green energy sources.