Vietnam’s climate change mitigation efforts gain $194.6M boost

Solar panels. The European Investment Bank and the Vietnamese government have signed an agreement to boost the Asian country's efforts to mitigate the effects of climate change. Photo by: theregeneration / CC BY-SA

The European Investment Bank and the Vietnamese government have signed an agreement to bolster the Asian nation’s efforts to use green energy as a way to reduce the impact of climate change.

Called the Climate Change Global Loan, €150 million ($194.6 million) agreement will make long-term finance available for investments in programs that will help mitigate the effects of climate change. These include projects related to increased use of renewable energy to reduce greenhouse gas emissions that are said to contribute to climate change.

Vietnam’s Ministry of Finance will funnel the funds to four state-owned banks, which will facilitate lending for small-scale climate change projects. The loan forms part of the 2011-2013 Climate Change Mandate and is the eighth EIB operation in Vietnam, bringing the bank’s total financing to the Asian country since 1996 to €650 million.

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    Adrienne Valdez

    Adrienne Valdez is a staff writer for Devex, covering breaking international development news for the Development Newswire. Before joining Devex, Adrienne worked as a news correspondent for a public-sector modernization publication.