Vietnam to establish its own Green Climate Fund

April 17, 2012

Vietnamese Prime Minister Nguyen Tan Dung has asked the Ministry of Natural Resources and Environment to set up a national Green Climate Fund to facilitate future financial flow from the global Green Climate Fund into the country.

Nguyen made the request after reviewing the United Nations COP 17 climate summit held in Durban last December. The global Green Climate Fund, which is expected to raise USD100 billion a year by 2020 to help developing nations to adapt to climate change, was first approved at COP 16 in Cancun and formally established in Durban.

Currently, development aid for climate change and the environment in Vietnam comes from the UNFCCC Adaptation Fund, the Climate Investment Funds, Global Environment Fund and the Clean Development Mechanism.

The Prime Minister has also called for a report on the operation of these funds and their efficiency. The ministry has also requested the review of relevant policies and legal documentation in accordance with international conventions and Vietnam’s strategies on climate change.