HANOI (Reuters – Vietnam will double the coal-fired generation capacity it has by 2030, according to a draft power plan that was submitted to the Prime Minister for approval.

Vietnam is certain to become even more dependent upon coal in order to fuel its rapidly growing economy. The draft plan comes as a surprise to many who are unwilling to finance new projects and to make financial guarantees about the country’s climate change impacts.

According to Reuters, a copy the Power Development Plan 8 (PDP 8) that was reviewed by Reuters shows that coal-fired power plants could account for as high as 31.4% (or 143.8 gigawatts) of 2030’s installed generation capacity.

According to the plan, this translates into about 41 GW coal power at the end of the decade. This is up from 20.7GW from 69 GW capacity as of 2020.

Multiple emails were sent to Reuters seeking comments from the Ministry of Industry and Trade, but they did not reply.

Vietnam has a population over 98 million people. It is looking to increase its power generation in order to help grow production bases for South Korean companies like Samsung Electronics (OTC) and LG Electronics Inc.

PDP 8 assumes Vietnam’s annual gross domestic product to increase by 6.6% annually between 2030 and 2030 and 5.7% from 2045.

To build power plants, the country must invest $115.96billion in expansions and new power lines to 2030 and $227.4billion to 2045. When installed capacity is up to 329.6GW, that figure could be as high as $327.6 GW.

From 13% in 2020, natural gas including liquefied will comprise 22.4% of the installed capacity. It then increases to 26.9% by 2045. While coal falls to just 19.4% by that time, this figure is still a significant increase.

According to the plan, by 2030 the non-hydro renewables would make up 25.7% of all energy sources. This is a flat increase from the 24.6% achieved at the end last year. It could rise as high as 41.7% in 2045.

According to the plan, hydropower will be reduced from the 30.3% of the 2020 end-of-2020 energy mix to just 20% by 2030.

Pham Minh Chinh, the Prime Minister of Vietnam, stated earlier in the week that Vietnam will increase the use of renewable energy while continuing to make efficient and sustainable energy use despite shrinking fossil fuel reserves.

Chinh stated that Vietnam, a country in transition, is facing many difficulties and is working to create a balanced and harmonious roadmap for sustainable energy conversion and adaptation to climate change.