WORDS ON THE STREET 70th anniversary of Hanoi's Liberation Day Vietnam - Asia 2023 Smart City Summit Hanoi celebrates 15 years of administrative boundary adjustment 12th Vietnam-France decentrialized cooperation conference 31st Sea Games - Vietnam 2021 Covid-19 Pandemic
Home / Economy / Trade - Service
WB provides US$84.4 million for Vietnam to promote climate-resilient landscapes
Ngoc Thuy 11:08, 2020/06/06
This will support the Vietnamese government’s climate mitigation actions by strengthening the resilient management of landscapes and natural resources.

The World Bank on June 5 approved an US$84.4 million IDA credit to support multi-sectoral policy reforms by the Vietnamese government to promote climate-resilient landscapes and green transport and energy systems.

 World Bank provides US$84.4 million for Vietnam to promote climate-resilient landscapes. 

The Climate Change and Green Growth Development Policy Financing aims to consolidate and expand on the achievements of the government’s Support Program to Respond to Climate Change 2016-2020, or SP-RCC. This includes supporting policies that should lead to increased protection of water sources, application of water-saving practices over larger areas of farmland, additional reductions in vehicle emissions, and further scale up of renewable energy.

The program will support the government’s climate mitigation actions by strengthening the resilient management of landscapes and natural resources and effective management of related public investments. These efforts include climate smart landscape planning (particularly for forests and the Mekong Delta), climate budgeting, and improving water resources protection and use efficiency.

The program will also facilitate efforts to promote cleaner transport and energy systems to reduce green-house gas (GHG) emissions and address air pollution. These policy reforms include the establishment of more stringent vehicle emissions standards, adoption of a new national energy efficiency program and enhanced incentive mechanisms to increase the nation’s wind generation capacity.

“The new development financing will focus on areas which present the greatest opportunities for transformational interventions to address climate change challenges,” said Ousmane Dione, World Bank Country Director for Vietnam. “It reflects our strong commitment to help Vietnam maintain the momentum under SP-RCC while building a bridge to a new, post-2020 phase of climate action.”

The Vietnamese government established the SP-RCC to lay the foundations for the country’s delivery on its national climate commitments under the Paris Agreement—the Nationally Determined Contribution set in 2016 to be implemented from 2020. These commitments include cutting GHG emissions by 8% below business as usual between 2020 and 2030, and up to 25% conditional on international support, and a variety of adaptation targets, including mainstreaming climate planning in 90 percent of long-term socio-economic development plans.

The program will also support Vietnam’s Covid-19 response through highly concessional budget support and by supporting policy reforms that will contribute to the national pandemic response. This includes improving forest management, which helps reduce the risk of emerging zoonotic disease, and increasing investments in natural resources management and climate adaptation, which complements an economic stimulus package aimed at supporting rural incomes and community resilience.

RELATED NEWS
TAG: World Bank covid-19 coronavirus nCoV pandemic climate change Vietnam Public investment green energy
Other news
15:33, 2024/12/11
Hanoi plans for new markets
The city's plans to build and upgrade markets will comply with environmental hygiene regulations, fire safety precautions, and food safety standards.
19:07, 2024/12/05
Hanoi Shopping Festival 2024 promotes agricultural products and handicrafts
The festival helps businesses promote their products made under OCOP programs and traditional crafts.
21:13, 2024/12/04
Food safety measures required for Lunar New Year 2025
The Hanoi People's Committee has launched a comprehensive plan to ensure food safety during the 2025 Lunar New Year and Spring Festival.
14:12, 2024/11/30
Deep discounts at Hanoi Midnight Sale
This is designed to unlock the potential of Hanoi's night-time economy, creating a vibrant shopping and entertainment environment for residents and visitors.
22:57, 2024/11/29
Hanoi controls fruit traders to ensure safety
By encouraging all stakeholders to co-operate, Hanoi aims to improve food safety standards and protect public health.
18:45, 2024/11/28
Vietnam, Hesse (Germany) promote high-tech cooperation
Bilateral trade between Vietnam and Hesse has reached around EUR1 billion (US$1.05 billion) annually, accounting for one-tenth of total trade between Vietnam and Germany.