Last update 11/17/2011 3:37:00 PM (GMT+7)

Viet Nam to mobilise climate change funds

VietNamNet Bridge – The Government would pay more attention to environmental projects in an effort to strategically cope with climate change, said Pham Hoang Mai, head of the Department of Science, Education, Natural Resources and Environment at a workshop on climate finance options held in Ha Noi yesterday, Nov 16.

The workshop reviewed the effects of climate change on Viet Nam's financial situation and discussed how best to mobilise sufficient funds to address the phenomenon.

According to Mai, the money spent annually by the Government on environmental projects is aimed at either alleviating the impact of climate change here and now, or raising the country's capacity to adapt and deal with problems in the future.

Mai added that the Government would revise Decree No 131, which stipulated the management and use of the Official Development Assistance (ODA) fund. The revision would allow private sector companies to access the fund as well, especially those working to promote green technology.

Meanwhile, the Ministry of Planning and Investment has begun drafting a "Green Growth Strategy" for the 2011-20 period with a vision to 2050, in co-operation with relevant ministries and agencies. The strategy is expected to be completed and submitted to the Prime Minister by December.

Koos Neefjes, senior advisor of the United Nations Development Programme (UNDP), said that Viet Nam needed to co-ordinate better among different agencies and organisations to address the problem effectively.

UNDP and the World Bank are developing a climate finance options platform, which provides guidance on financial options available for climate actions.

The platform is expected to be an efficient tool to help Viet Nam better mobilise funds needed for climate projects.

VietNamNet/Viet Nam News