Vietnam's Climate Change Response Requires Approximately $400 Billion
According to a recent report by Vietnam’s Climate Change Department, an estimated amount of approximately $400 billion will be required from now until 2040 for Vietnam to effectively respond to climate change. The report evaluates the implementation of Resolution No.24 of the 11th Party Central Committee, which focuses on proactive measures against climate change.
The department highlights the significant financial need for achieving climate change response goals in Vietnam. However, it mentions that the funding allocated from the State budget can only cover around $130 billion. Given that climate change is an irreversible trend, adapting to it and aiming for net zero emissions present opportunities for sustainable development. The department emphasizes that climate change response should be given top priority in development policies. Key areas of focus include increasing investment in climate change-adaptive infrastructure and enhancing forecasting and response capabilities for climate change-induced weather events, particularly in vulnerable regions like the Mekong Delta.
The department also emphasizes the role of businesses in climate change response efforts, especially in green transformation investments, low-carbon technology development, and efficient energy and resource utilization. In addition to domestic resources, Vietnam will need to strengthen international cooperation and mobilize resources from bilateral and multilateral partnerships to support climate change adaptation and reduce greenhouse gas emissions.