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WB provides climate change and green growth assistance

Released at: 15:44, 25/06/2016

WB provides climate change and green growth assistance

Photo: Duc Anh

$90 million credit provided for policy reforms.

by Doanh Doanh

The World Bank announced on June 25 that it would provide assistance to Vietnam in strengthening its climate change and green growth agenda via a $90 million credit for policy reforms aligned with the World Bank Group’s Climate Change Action Plan.

“Fostering climate change adaptation and mitigation and enhancing resilience is important to Vietnam and the sustainability of its development,” said Mr. Achim Fock, Acting Country Director for the World Bank in Vietnam. “Supporting this agenda in Vietnam is part of our global effort to respond to climate change; a priority at the World Bank.”

The Climate Change and Green Growth Development Policy Financing, along with the recently approved Mekong Delta Integrated Climate Resilience and Sustainable Livelihoods Project, marks a new phase in World Bank support as Vietnam continues to focus on inclusive green growth while addressing key climate change vulnerabilities.

This is the first in a series of three credits that will support climate change and green growth policy actions under the Vietnamese Government’s Support Program to Respond to Climate Change, led by the Ministry of Environment and Natural Resources.

Funding for the operation comes from the International Development Association of the World Bank, which lends money on concessional terms to the world’s poorest countries.

The credit will fund the implementation of policies to improve integrated coastal zone planning and management, public investments related to climate change and green growth, protection of water resources and greater water use efficiency, as well as coastal forest development.

It also supports policies in transportation and industrial production that will improve air quality and in energy efficiency and renewables that will mitigate greenhouse gas emissions.

Such policy actions will help Vietnam prepare to implement commitments made ahead of the 2015 Paris Climate Change Conference organized by the United Nations Framework Convention on Climate Change.

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