Measuring private investments into green growth: Vietnam’s private climate expenditure and investments review
The role of private finance in accelerating actions for reducing greenhouse gas (GHG) emissions and adapting to climate change is now well recognised. To drive private finance in this direction, a conducive mix of appropriate incentives, legal frameworks and enforcement is required. The Ministry of Planning and Investment (MPI) of Vietnam therefore initiated the Private Climate Expenditure and Institutional Review (PCEIR) in 2017-18 to track the climate change mitigation and green growth investments made in the 2010-15 period.
The process undertaken under the PCEIR enables Vietnam to track and efficiently manage their climate investments such that it can help deliver maximum impact from the limited financial resources available. Various factors such as the adoption of a comprehensive data collection process, an alignment with domestic needs and frameworks, the assessment of future financial needs and the transparency of the process have contributed to the successful realisation of the PCEIR.
· DEPARTMENT OF SCIENCE, EDUCATION, NATURAL RESOURCES AND ENVIRONMENT (DSENRE): Conducted the study and review as part of the ‘Strengthening Capacity and Institutional Reform for Green Growth and Sustainable Development in Vietnam’ (CIGG) project commissioned by MPI.
· MINISTRY OF PLANNING AND INVESTMENT (MPI): MPI is the key agency responsible for managing and coordinating the PCEIR. It also provided inputs on the climate change and green growth financing landscape of Vietnam.
· UNITED NATION’S DEVELOPMENT PROGRAMME (UNDP): UNDP was responsible for funding the PCEIR. It has also helped with technical inputs for the development and refining of climate expenditure tracking methodologies.