New $4.1m project to hasten green growth

A US$4.1 million project to accelerate green growth kicked off yesterday in Ha Noi.

The project also set out to improve access to green growth financing and pilot green projects with the private sector.— Photo citinews

The four-year project has three main objectives, said Pham Hoang Mai, head of the Ministry of Planning and Investment's Science, Education, Natural Resources and Environment Department at the launching ceremony.

First, it aimed to build the capacity of the ministries of Planning and Investment, Finance and Transport as well as localities to implement the National Green Growth Strategy and the National Green Growth Action Plan. The second objective was to develop policies and regulations to promote green growth investment and sustainable development.

The project also set out to improve access to green growth financing and pilot green projects with the private sector.

"Green investment is good investment," Pratibha Mehta, United Nations Resident Co-ordinator and United Nations Development Programme's Resident Representative, said at the launching ceremony.

Forward-looking countries, companies and investors would lead the transition to greener economies, she said, adding that catalysing public funds to leverage and unlock private capital for green growth would require domestic and international investors to have confidence that the right policies were in place to make long-term investments.

She hoped the project would help the Ministry of Planning and Investment take action to position Viet Nam as an attractive destination for green investment, in addition to supporting ministries to examine a range of fiscal tools and market-based instruments to strengthen the investment climate for adoption of cleaner technology and green investment in the transportation sector.

"This project will assist Viet Nam in a number of critical green growth-related areas," said United States Ambassador Ted Osius.

The project was funded by the Vietnamese Government, United Nations Development Programme, United States Agency for International Development and the EU-UNDP Low Emission Capacity Building Programme.

Viet Nam issued the National Green Growth Strategy in September 2012. It aims to reduce greenhouse gas emissions by 8-10 per cent from the 2010 level between 2012 and 2020. —

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