Vietnam needs $368 billion to build a climate-resilient economy – World Bank
To build a climate resilient and low-carbon economy, Vietnam needs to invest approximately $368 billion between now and 2040, according to the World Bank’s Vietnam Country Climate and Development Report (CCDR). World Bank Group’s Vietnam Country Climate and Development Report is the first of a series of climate and development reports, according to Vietnam News Agency (VNA).
World Bank Country Director for Vietnam Carolyn Turk says climate change is increasingly impacting Vietnam’s development and now poses critical questions about how to respond. CCDR aims to balance the country’s development goals with the increasing climate risks associated with climate change.
Vietnam’s coastline includes many major cities and production sites, making it one of the world’s most vulnerable countries to sea level rise, extreme weather conditions, and temperature increases. According to initial estimates, climate change cost the country approximately US$10 billion in 2020, or 3.2% of its GDP.
A series of urgent and impactful interventions should be implemented, including a coordinated regional program for the Mekong Delta, a coastal resilience investment program for urban centers and connecting infrastructure, a targeted air pollution reduction program for Hanoi, an accelerated clean energy transition, and a new social contract for vulnerable populations. It will require additional investments of $368 billion cumulatively by 2040 for the country to become climate-resilient and net-zero-emission.