Meeting Vietnam’s climate financing challenge

Vietnam is on the frontlines of the climate crisis, with increasingly destabilized water andvietnam_rice.jpg food supplies and threatened coastal areas. In the face of these challenges, the government is showing bold leadership and climate ambition.  The recently updated Nationally Determined Contribution (NDC) significantly increased targets for emissions reductions across several key sectors. Vietnam has also translated global pledges on forests and methane into specific national action plans and policy priorities. 

What is missing, however, is the financing needed to achieve these goals. Carbon markets and results-based carbon and climate finance, which pays for emission reductions once they are achieved, have huge potential to help meet this financing challenge. The quickly evolving carbon market ecosystem, however, has many rules, requirements, players, and priorities. The government of Vietnam has requested World Bank Group support in navigating this complexity and identifying opportunities to access carbon finance and market opportunities. 

“Vietnam is on the frontlines of the climate crisis, with increasingly destabilized water and food supplies and threatened coastal areas. In the face of these challenges, the government is showing bold leadership and climate ambition.”

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The Win-Win of Forest Protection: Enhancing Lives While Slowing Climate Change

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  • The World Bank’s $3.7 billion portfolio of 102 forest projects supports systemic, transformative engagement in more than 50 countries including Ghana, Indonesia, Lao People’s Democratic Republic, Mexico, Mozambique, Nepal, Vietnam and Zambia.
  • From 2016-2020 during the implementation of the World Bank Group’s Forest Action Plan, nearly 6 million people benefited from World Bank forest and land management projects, including 1.1 million women and 225,000 Indigenous People.
  • For example, in Indonesia, a Bank program in the Jambi province is reducing emissions from unsustainable land use while promoting alternative livelihoods such as sustainable fisheries, livestock and service industries that help take pressure off the province’s primary forests and peatlands.

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Reengaging finance ministers in the fight against climate change

At the One Planet Summit in December 2017, French President Emanuel Macron Wind turbine farmcautioned that “we are losing the battle” on climate change and are “nowhere near” being able to contain rising temperatures to between 1.5°C to 2°C. Instead, Macron warned, temperatures could rise by 3.5°C or more by the end of this century.

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eC2: Roadmap and action plan for implementation of the market based instrument for greenhouse gas reduction for the micro, small, and medium enterprises sector in India

Deadline: 04-Oct-2017 at 11:59:59 PM (Eastern Time – Washington D.C.)GAS

The assignment includes, but not least, scoping of the MSME sector, identifying suitable MBI(s) and recommends an optimum policy package, roadmap and action plan for implementation, and proposing critical design elements of MBI(s). In the assessment, the Consultant needs to take into consideration various elements on the sectors, such as emissions profile, contribution to India’s NDC, existing policies, mitigation options, incentive structures, and suitability to national circumstances. The proposed MBI should be based on the work of the Bureau of Energy Efficiency (BEE)’s SME program and potential links and design convergence with the Perform Achieve and Trade scheme should be explored while reviewing policy and design options.

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Global Cooperation through Carbon Markets Could Cut Climate Mitigation Costs Dramatically: New World Bank Report

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HANOI, Vietnam, October 18—Greater cooperation through carbon trading could reduce the cost of climate change mitigation by 32 percent by 2030, according to a new World Bank report released today at an international carbon event in Vietnam.

New modelling analysis undertaken for the State and Trends of Carbon Pricing 2016 report shows that increased international carbon trading could enable large-scale emissions reductions at much lower cost than at present, based on the carbon mitigation goals spelled out in countries’ national climate plans under the Paris Agreement — the Nationally Determined Contributions, or NDCs.  By the middle of the century, an international market has the potential to reduce global mitigation costs by more than 50 percent.

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