Workers on a tea farm in nothern Vietnam. (Photo: ivivu.com)
The World Bank
has approved a loan of $90 million to help Vietnam strengthen its climate change and green growth agenda, part of the bank’s global effort to respond to climate change.
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.
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.
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, the bank said.
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.