WASHINGTON — The World Bank on Thursday approved the first of a series of three operations that will strengthen and enhance Viet Nam's response to climate change.
The operation will support the development and adoption of priority actions to strengthen policies, strategies and institutions needed for Viet Nam to face the climate change challenge, the bank said in a press release.
The Viet Nam Climate Change Development Policy Operation is being initated in the recognition that the country is particularly prone to climate change impacts like floods, storms and rising sea-levels.
The bank is providing a US$70 million credit from the International Development Association' – its concessional lending resource for low income countries. This credit has a 25-year maturity with 5-year grace period.
The operation will promote climate resilient and lower carbon intensity development, the bank said.
It will focus on four policy goals under the three thematic pillars of adaptation, mitigation and cross-cutting issues, it added.
It will improve the resilience of water resources, lower carbon intensity by exploiting energy efficiency potentials, strengthen the capacity and preparedness to formulate, prioritise and implement climate change policies and strengthen the financing framework to support climate change action.
By focusing on climate resilience and low carbon intensity development, the operation "directly contributes to assisting Viet Nam with sustainable development – one of the three pillars of the World Bank's new Country Partnership Strategy," the press release said.
It said examples of outcomes include enhancing preparedness and adaptation to natural hazards, improving the management of water resources and scaling up energy efficiency practices. — VNS