Vietnam can lose up to 14.5% of GDP due to climate change by 2050
Based on forecast models, the World Bank predicts that climate change can cause economic losses of 12–14.5 percent of GDP per year by 2050 and push one million people into extreme poverty by 2030.
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100 million people in Vietnam are among the most vulnerable groups in the world to the ravages of climate change. Photo: vietnambiz
The above information was said by Mrs. Carolyn Turk, Director of World Bank Vietnam, at the Announcement Ceremony of Vietnam's National Climate and Development Report (CCDR) on July 14. With more than 3,200 km of coastline, many low-lying cities and river deltas, Vietnam is one of the most vulnerable countries in the world to climate change. The effects of climate change - primarily higher temperatures and sea levels and greater volatility - have been disrupting economic activity and undermining growth.
Therefore, the World Bank proposes five policy priorities for Vietnam to address climate risks while maintaining economic growth.
First, a coordinated regional program for the Mekong Delta region. The main content focuses on preventing subsidence and saltwater intrusion through limiting sand and groundwater extraction, changing farming practices, increasing runoff and aquifer replenishment, and restoring mangroves.
Second, an integrated coastal resilience investment program for major urban centers and connectivity infrastructure. The central coastal areas that frequently occur extreme weather events have clearly shown the need to upgrade roads and electrical infrastructure facilities according to climate-resilient design standards.
Third, an air pollution reduction program in Hanoi aims to achieve the WHO midterm target by 2030 and improve labor productivity.
Fourth, speed up the transition to renewable energy by improving the regulatory framework to encourage private sector participation.
Fifth, adopting methods to protect those most vulnerable to climate change tends to affect poorer households in vulnerable areas or those that have not yet been affected by climate change be prepared to deal with the consequences of climate change.
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