Vietnam prepares financial resources to realise Paris agreement on climate change

by PV05 March 2016 Last updated at 16:00 PM - A seminar was held in Hanoi on Friday to discuss preparations for realising the Paris Agreement which was reached at the 21st Conference of the Parties.

 In order to realize the target of limiting the planet’s warming to below 2 degrees Celsius, member states committed to shifting to a low carbon socio-economic development model. This brought about several challenges for Vietnam, especially in financial resources.

Among a lot of challenges that Vietnam is predicted to face when implementing the Paris Agreement to respond to climate change, funding is considered a big issue. As of now, Vietnam has been implementing the agreement in a voluntary manner.

Pham Van Tan, Deputy Director, Hydro-meteorology & Climate Change Department, Ministry of Natural Resources and Environment said: We have heard a lot about the contribution of 100 billion USD from developed countries in coping with climate change until 2020. However, in 2014, the spending on climate change response reached 300 billion USD. This shows that financial resources from the government account for a small proportion compared with enterprises.

In order to realize the target of reducing greenhouse gas emissions to below 8%, which Vietnam committed to at COP 21, the country needs to focus on the fields of energy, forestry, and agriculture. However, the shift to green energy requires the adoption of environmentally friendly technologies.

Currently, the impacts of climate change, including salinization and drought, are severely affecting many provinces throughout the central and southern regions of Vietnam. Due to climate change, a large number of local people are facing the threat of poverty and food shortage. Mobilising financial resources is an imperative task for the government to implement measures on climate change response.

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