Vietnam HCMC May Lose $50M Each Year due to Climate Change: World Bank
The southern metropolis of Ho Chi Minh City could lose $50 million each year due to climate change, said World Bank (WB)’s Country Director in Vietnam Carolyn Turk.
Ms. Turk gave the information at an investment promotion conference for green growth development in Ho Chi Minh City. The event was co-held by the municipal People’s Committee and the WB on January 24.
Ho Chi Minh City’s flood risk is increasingly serious and it is necessary to protect the city’s development with good flood management, Ms. Turk noted.
In addition, the WB committed to supporting Ho Chi Minh City to access financial sources and attract foreign sources to reduce carbon emissions.
Addressing the conference, Chairman of the municipal People’s Committee Phan Van Mai stated that Ho Chi Minh City was identified as one of the ten cities in the world hugely impacted by climate change. He cited the latest report from the Environment - Natural Resources Institute under Vietnam National University, Ho Chi Minh City, that the city records 60 million tons of CO2 on average every year, including around 20 million tons of CO2 emissions from industrial activities, over 13 million tons from transport activities, and the rest from daily and other activities.
Two years ago, Ho Chi Minh City and the WB established a joint working group that brought some achievements, such as an investment package of $650 million for a ten-year program along with an investment program to upgrade public assets, and an integrated flood management program, among others.