Home » Investment » Vietnam reviews climate change investment

A conference was held in Hanoi on AVietnam reviews climate change investmentpril 23 by the Ministry of Planning and Investment, to collect opinions on evaluating investment activities and public spending on climate change.

Vietnam has joined a number of initiatives in accordance with the Convention of the United Nations (UN) and Kyoto Protocol on climate change. Many national policies have been revised to incorporate climate change issues into environmental management work, biodiversity preservation and other interdisciplinary goals such as poverty reduction.

To date the country has received US$1.2 billion in international aid for climate change adaptation. Experts say investment in this area is expected to increase, but there is a lack of policies and coordination capacity, creating a bottleneck in the implementation process.

According to Pham Hoang Mai, head of the Ministry of Planning and Investment’s Department of Science, Education, Natural Resources and Environment, domestic investment in climate change adaptation is still restricted.

Thomas Beloe, a UNDP representative, suggested that Vietnam should take a more proactive approach to climate change, particularly to promote green/low carbon development.

A tough challenge for developing countries, including Vietnam, is how to mobilise sufficient financial sources to deal with climate change, said Murray, a World Bank representative. Therefore, the country should classify climate change-related costs in order to improve the quality of spending on climate change response.

Source: VNA

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