Environment

WB approves credit to support Vietnam’s response to climate change

The World Bank in Vietnam announced on June 6 that the Bank’s Board of Executive Directors had approved an 84.4 million USD credit from the International Development Association (IDA) to support Vietnam’s multi-sectoral policy reforms so as to promote climate-resilient landscapes and green transport and energy systems.
WB approves credit to support Vietnam’s response to climate change ảnh 1Hanoi streets flooded after a heavy rain (Source: VNA)

Hanoi (VNA) – The World Bank in Vietnam announced on June 6 that theBank’s Board of Executive Directors had approved an 84.4 million USD creditfrom the International Development Association (IDA) to support Vietnam’smulti-sectoral policy reforms so as to promote climate-resilient landscapes andgreen transport and energy systems.

The Climate Change and Green Growth Development PolicyFinancing aims to consolidate and expand on the achievements of thegovernment’s Support Programme to Respond to Climate Change 2016-2020 (SP-RCC).

This includes supporting policies that should lead toincreased protection of water sources, application of water-saving practicesover larger areas of farmland, additional reductions in vehicle emissions, andfurther scale up of renewable energy.

Ousmane Dione, WB Country Director for Vietnam, said that thenew development financing will focus on areas which present the greatestopportunities for transformational interventions to address climate changechallenges.

It reflects the bank’sstrong commitment to help Vietnam maintain the momentum under SP-RCC whilebuilding a bridge to a new, post-2020 phase of climate action, he stated.

The programme will support the government’s climatemitigation actions by strengthening the resilient management of landscapes andnatural resources and effective management of related public investments.

These policy reforms include the establishment of morestringent vehicle emissions standards, adoption of a new national energyefficiency programme and enhanced incentive mechanisms to increase the nation’swind generation capacity.

The programme will also support the country’s COVID-19response through highly concessional budget support and by supporting policyreforms that will contribute to the national pandemic response.

This includes improving forest management, which helpsreduce the risk of emerging zoonotic disease, and increasing investments innatural resources management and climate adaptation, which complements aneconomic stimulus package aimed at supporting rural incomes and communityresilience./.
VNA
#World Bank #Vietnam #IDA #84.4 million USD credit #policy reforms #climate change #Climate Change and Green Growth Development Policy Financing #Vietnam #Vietnamplus #Vietnam News Agency
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