The Climate Public Expenditure and Investment Review (CPEIR) released today calls for Vietnam to develop a concrete action plan to bolster its efforts to ensure a climate-resilient future.
Vietnam needs to strengthen its response to climate change by including strategic investments toward a low-carbon future in its planning and budgeting strategy for coming years, according to a new government report from the Ministry of Planning and Investment (MPI) and supported by the World Bank and the UN Development Program (UNDP) released today.
In particular, the report said immediate action to strengthen Vietnam’s climate change response should be part of the next five-year Socio-Economic Development Plan and beyond.
“Mainstreaming climate change into the budget will strengthen Vietnam’s resilience against the impacts of a warming world, make communities less vulnerable, and tackle the emissions challenge as Vietnam continues its journey toward a greener, resilient and prosperous future,” said Ms. Victoria Kwakwa, World Bank Country Director for Vietnam. “The options proposed by the report, if implemented, will help Vietnam achieve this goal by further embedding the climate change agenda into the government’s planning and budgeting systems.”
While rapid economic growth has created opportunities for people and businesses in Vietnam, increasing evidence shows that climate change threatens the country’s development progress. At the same time, Vietnam’s greenhouse gas emissions and overall carbon intensity have significantly increased as a result of economic expansion.
“Governments across the world are responding to climate change by strengthening their budgeting and planning systems and improving the quality of their public spending,” said Ms. Louise Chamberlain, Country Director of UNDP in Vietnam. “This report helps accelerate the country’s transition to a low-carbon economy and enables the government to make decisions that help the most vulnerable people who are on the frontline of climate change.”
The report was released during a launch ceremony on financing Vietnam’s response to climate change held by the Ministry of Planning and Investment, with representatives from the ministry and the Ministries of Finance, Natural Resources and Environment, and others, together with representatives from various provinces and development agencies.
It proposes short- and long-term initiatives to further mainstream climate change into Vietnam’s policy, planning and budget cycle, and to better identify priority investments and activities to strengthen the country’s climate change response.