A US$70 million project approved through the World Bank's International Development Association (IDA) will support Viet Nam in implementing a comprehensive adaptation and low carbon growth strategy for the country, given its high vulnerability to the effects of climate change.
2 February 2012: The World Bank has approved a US$70 million loan for the Vietnam Climate Change Development Policy Operation project, the first of a series of three projects to support the development and adoption of policies, strategies and institutions needed to respond to climate change in Viet Nam.
According to the World Bank, Viet Nam has been identified as a country especially vulnerable to limate change, in particular to floods, storms and sea-level rise. This International Development Association (IDA) loan will support Viet Nam in adopting policies for adaptation and to promote climate-resilient and lower-carbon intensity development. The programme will focus on the following pillars: climate-resilient development: improving the resilience of water resources; lower carbon intensity: exploiting energy efficiency potentials; strengthening the capacity and preparedness to formulate, prioritize and implement climate change policies; and strengthening the financing framework to support climate change action. [World Bank Press Release] [World Bank Project Website]