09:21 | 07/06/2015 Science - Technology
(VEN) - According to the Ministry of Planning and Investment, Vietnam incurs losses equivalent of 2-6 percent of its gross domestic product (GDP) on an annual basis from the impact of climate change.
Climate change response solutions integrated into national socioeconomic development plans
According to Pham Hoang Mai, the Director General of the Department for Science, Education, Natural Resources and Environment under the Ministry of Planning and Investment, climate changes have largely affected Vietnam in recent years, causing rising sea levels, floods, droughts, storms and loss of life and property.
To address the impacts from climate changes, the Vietnamese government has issued policies and devised strategies including national green growth and climate change strategies; however, all those have failed to bring about positive results.
In the coming time, Vietnam will integrate climate change responding solutions into its national socioeconomic development plans during the 2016-2020 period, which is important for budget planning for climate change response and for boosting sectoral climate change potential, said Nguyen The Phuong, the Deputy Minister of Planning and Investment.
Victoria Kwakwa, World Bank Country Director for Vietnam, said that Vietnam’s integration of climate change responding solutions into national socioeconomic development plans would help it stay adaptable to the impact of climate change, help mitigate losses, solve greenhouse gas emissions, and move towards green growth.
Attracting all economic components into climate change responding plans
According to the Ministry of Planning and Investment, Vietnam needs about US$30 billion to implement its green growth objectives until 2020, but its state budget only meets about 30 percent of the total. So, the remainder must be raised from other capital sources.
According to the Ministry of Planning and Investment, Vietnam incurs losses equivalent of 2-6 percent of its gross domestic product (GDP) on an annual basis from the impact of climate change.
To address this, Vietnam needs to have incentives and create favorable conditions to attract all economic sectors into participating in green growth projects, especially private sectors, said UNDP Country Director in Vietnam Louise Chamberlain.
Vietnam needs to apply more effective measures to attract and use investment in climate change response projects and should mull over how to use public investment in climate change response projects in the most effective way. In addition to official development assistance (ODA) and state budget funding, Vietnam should call for domestic and foreign private investors and issue international and green bonds, said World Bank Country Director for Vietnam Victoria Kwakwa.
“In pursuit of green growth and climate change mitigation objectives, Vietnam should focus on the development of clean and renewable energy sources including solar and wind energies in replacement of environmentally-harmful fossil fuels,” said UNDP Country Director in Vietnam Louise Chamberlain./.
By Nguyen Hoa