Annual Economic Losses from Climate Change Account for 6.8% of Vietnam's GDP

Annual Economic Losses from Climate Change Account for 6.8% of Vietnam's GDP

A report released by the Department of Climate Change under the Ministry of Natural Resources and Environment highlights the significant financial needs to address climate change in Vietnam. The report, assessing the implementation of Resolution No.24-NQ/TW, underscores the magnitude of the challenge. During the Extended G7 Summit in May, Vietnamese Prime Minister Pham Minh Chinh called upon developed nations to support Vietnam in addressing climate change and rising sea levels in the Mekong Delta. The prime minister emphasized the importance of efficiently mobilizing and utilizing resources for sustainable development.

To tackle this issue, PM Chinh proposed an innovative strategy that includes various financial sources, with a focus on public-private partnerships, blended financing involving private sector participation, and foreign investment. The aim is to effectively respond to climate change and achieve sustainable development goals.

According to the Vietnam Country Climate and Development Report published by the World Bank in July 2022, Vietnam experienced climate-related losses of around $10 billion, equivalent to 3.2% of its GDP, in 2020. The report also highlights that Vietnam’s per-person greenhouse gas (GHG) emissions have quadrupled in this century. By 2050, the projected total economic cost of climate change in Vietnam is estimated to reach $523 billion. As Vietnam strives to become a high-income nation, it is implementing a green transition and focusing on reducing GHG emissions. The World Bank report advises Vietnam to prioritize investments in mitigating the effects of climate change.

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