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World Bank approves US$ 84 million of credit to support Vietnam’s response to climate change

17:50 | 06/06/2020

The World Bank in Vietnam announced on June 6 that the Bank had approved an 84.4 million USD credit to support Vietnam to promote climate-resilient landscapes, green transport and energy systems.

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world bank approves us 84 million of credit to support vietnams response to climate change
The World Bank (Photo: Bitcoin Vietnam News)

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 to support Vietnam’s multi-sectoral policy reforms so as to promote climate-resilient landscapes and green transport and energy systems, according to VNA.

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

This includes supporting policies that should lead to increased application of water-saving practices over larger areas of farmland, and further scale up of renewable energy.

world bank approves us 84 million of credit to support vietnams response to climate change
Ousmane Dione, WB Country Director for Vietnam (Photo: VNA)

World Bank said that the loan also aims at increased protection of water sources and improving water use efficiency.

It will additionally help improve climate smart landscape planning, particularly for forests and the Mekong Delta and support policy changes to reduce vehicle emissions through more stringent standards.

The loan will fund the government’s ongoing five-year (2016-2020) climate change response program.

Furthermore, the loan will help enhance incentives to increase wind generation capacity.

Ousmane Dione, WB Country Director for Vietnam, said that the new development financing will focus on areas which present the greatest opportunities for transformational interventions to address climate change challenges.

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

world bank approves us 84 million of credit to support vietnams response to climate change
Hanoi streets flooded after a heavy rain (Photo: VNA)

The programme 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 policy reforms include the establishment of more stringent vehicle emissions standards, adoption of a new national energy efficiency programme and enhanced incentive mechanisms to increase the nation’s wind generation capacity.

The programme will also support the country’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.

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