Taking stock regarding international funds for climate change from GCF and GEF

Domestic and international funds are important sources in providing a significant finance for climate change response in Viet Nam.

In recent years, two major contributors to climate finance in Vietnam were the Green Climate Fund (GCF) and the Global Environment Facility (GEF). Up to now, the GCF has supported adaptation and mitigation projects in Viet Nam with USD 115.8 million, while the GEF has channeled 457.18 million USD to 107 environmental projects in many sectors and localities, many of which are related to climate change. More than a quarter of the GCF funding was through the IFC (International Finance Cooperation) on implementing the Vietnam Energy Efficiency and Cleaner Production Financing Program (VEECPF) in the period 2010 – 2015. This program aimed to help businesses gain easier access to loans from commercial banks, and is currently in its third phase.

In addition, there are four projects funded through the Special Climate Change Fund (SCCF), including two national projects with USD eight million and two regional/global projects with USD 0.92 million. 

From 2010-2019, according to data by the MPI, there have been nearly 600 climate change projects receiving international support, deployed nationwide with an estimated capital of 18.5 billion USD, of which about 1.1 billion USD were non-refundable.