Last update 4/16/2012 11:23:00 AM (GMT+7)

Green Climate Fund to be set up in VN

VietNamNet Bridge – A national Green Climate Fund will soon be set up to facilitate future financial flow from the global Green Climate Fund into Viet Nam.

Prime Minister Nguyen Tan Dung requested the Ministry of Natural Resources and Environment to work with relevant finance and planning ministries to establish the fund after reviewing the United Nations COP 17 climate summit held in Durban last December.

The global Green Climate Fund, which aims to channel aid to developing nations to adapt to climate change, was first approved at COP 16 in Cancun and formally established in Durban.

The global fund is expected to raise US$100 billion a year by 2020, to which all developing countries will have equal access.

Currently, development aid for climate change and the environment in Viet Nam comes from the Adaptation Fund, Climate Investment Fund, Global Environment Fund and the Clean Development Mechanism.

The Prime Minister has subsequently called for a report on the operation of these funds and their efficiency.

The ministry has also requested the review of relevant policies and legal documentation in accordance with international conventions and Viet Nam's strategies on climate change.

VietNamNet/Viet Nam News