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.  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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