US$30 billion needed for green growth strategy in 2020

(VOV) -Vietnam will need US$30 billion to carry out the Green Growth Strategy in 2020, of which 70% will come from the non-State sector.

Additionally, the nation will have to spend 2-6% of GDP to redress damage caused by climate change, said the Ministry of Planning and Investment (MoIT) Department of Science, Education, Natural Resources and Environment head Pham Hoang Mai at a January 8 seminar reviewing legal and institutional frameworks for planning and investment, energy, industry and the environment towards green growth.

The sum of money will be used to perform 12 tasks focusing on 66 major activities related to institutions, zone planning, technology transfer, business opportunities for business development and finance.

us$30 billion needed for green growth strategy in 2020 hinh 0

However, according to Pham Hoang Mai, Vietnam currently lacks policies to mobilize financial resources, especially from the International Climate Funds while facing difficulties in attracting foreign and domestic investments.

The newly-promulgated National Green Growth Strategy and the National Action Plan on Green Growth for the period 2014-2020 are considered the policies of the utmost importance to the promotion of sustainable development in Vietnam, notably in sustainable economic development as well as climate change adaptation, Mai noted.

Deputy Minister of Planning and Investment Nguyen The Phuong attributed these results to the close and effective cooperation between the Vietnam and Korea Governments through the support of the Korea International Cooperation Agency (KOICA) for the MoIT in realizing these projects.

Dr Taeho Ro, Director General of Global Strategy Centre, Korea Environment Institute said Vietnam is trying to apply green growth strategies and experiences and knowledge from a number of countries to deal with social changes and environmental diversity as a result of rapid industrialization and economic development.

He suggested groups increase support for Vietnam in developing legal and institutional foundations in order to help protect the environment and stimulate socio-economic development.

Three overview reports on green growth in the country and four reports on specific legal frameworks in terms of planning and investment, industry, energy and the environment were presented at the seminar.