The World Bank (WB) has approved the Vietnam Climate Change Development Policy Operation in a move to help the country tackle the negative impacts of climate change next years, foreign media reported. This is the first of a series of three operations to support the development and adoption of priority actions to boost policies, strategies and institutions needed for climate change response. Vietnam is one of the hardest-hit countries by climate change challenges, especially floods, storms, and rising sea level. Climate change is forecast to pose a great threat to economic, social and human development, as well as the environment in the country. The impacts from climate change in Vietnam are predicted to take a heavy toll on public finance. The WB is providing a $70 million credit from the International Development Association -its concessional lending resource for low income countries. This credit has a 25-year maturity with 5-year grace period. This specific operation is aimed at assisting Vietnam in dealing with climate change by adopting policies and strengthening institutional capacity to promote climate resilient and lower carbon intensity development. The program focuses on four policy goals under the three thematic pillars of adaptation, mitigation and cross-cutting issues, including the development of climate-resilient development, lower carbon intensity, strengthening the capacity and preparedness for climate change policies and boosting the financing framework to support climate change action. If sea level rises one meter, 5% of the country’s land, 11% of its population and 7% of its agricultural land would be affected with the losses estimated at 10% of GDP, experts noted. Earlier, a number of foreign nations like Japan, Poland, Denmark, the U.S. and Sweden committed to help Vietnam cope with climate change and environment issues. The Vietnamese government has so far mobilized more than $1.2 billion in aid from the international community in efforts to dealing with the issue. The WB estimated that Vietnam will need some $850 million per year for climate change projects from now to 2050. (web.worldbank.org Feb 2)
