Vietnam Spends $1B on Climate Change Response Projects Yearly

The Vietnamese government spends an estimated $1 billion on projects to cope with negative impacts of climate change each year, said official from the Ministry of Planning and Investment (MPI). Deputy Director of the Vietnam Institute of Meteorology, Hydrology and Environment Nguyen Van Thang earlier said that in 2012 Vietnam updated its climate change database. In the latest scenario, with a one-meter sea level rise, the risk of inundation is high for more than 10% of the Red River Delta, 2.5% of central coastal provinces and more than 20% of the HCM City area and 39% of the Mekong Delta region. As a result, more than 4% of the railway system, 9% of national roads and 12% of provincial roads across the country are also likely to be hit by climate change. In a move to cope with challenges posed by climate change, Vietnam will need over $30.7 billion to reduce 85.12 million tons of carbon dioxide yearly in nine selected industries, including construction, cement, garment and electricity. Climate change is estimated to cost Vietnam $15 billion each year, accounting for 5% of the country’s gross domestic product (GDP). In recent months, Vietnam has received more financial support from many countries and international organizations, including the World Bank, the European Commission (EC), Australia, Finland, Japan and the Netherlands to cope with climate change. (Vietnam News June 26 p2)