COP28: Mobilizing finance for Viet Nam's Nature-based Solutions in Public and Private Sectors

Posted on December, 05 2023

COP 28 Dubai, December 4, 2023 - In collaboration with the Ministry of Natural Resources and Environment (MONRE), the Ministry of Agriculture and Rural Development (MARD) and HSBC, WWF organised the event "Mobilizing Finance for Nature-based Solutions in Viet Nam". The event aimed to mobilise resources from both public and private sectors, along with relevant stakeholders, to support the implementation of Nature-based Solutions and foster proactive measures to tackle climate change challenges in Viet Nam.

Nature-based Solutions (NbS) are actions to protect, sustainably manage and restore natural ecosystems that address societal challenges such as climate change, human health, food and water security, and disaster risk reduction effectively and adaptively, simultaneously providing human well-being and biodiversity benefits.

During the event, the leaders of Viet Nam's government introduced policies and strategies addressing climate change mitigation and adaptation, including Nationally Determined Contributions (NDCs), the National Adaptation Plan (NAP), highlighting Viet Nam's standpoints and priorities in promoting and implementing Nature-based Solutions (NbS) through conservation and sustainable development. From the perspective of the public sector, the USAID representative emphasized collaborative initiatives between the United States and Viet Nam in nature conservation and biodiversity and highlighted the critical role of USAID investments in establishing scalable, high-quality, and high-integrity Nature-based Solutions (NbS). On the private sector front, the HSBC representative shared valuable insights into potential financial mobilization methods and essential prerequisites for fundraising for NbS projects.

WWF-Viet Nam presented case studies and NbS best practice from recent years, showcasing initiatives implemented in the Central Annamite and Mekong Delta regions of Viet Nam. WWF also introduced new frameworks, mechanisms and opportunities for implementation of NbS in Viet Nam, including the NbS-Origination Platform and the HSBC NbS-Accelerator.

"Ranked among the world's 16 most biologically diverse countries, Viet Nam stands at the nexus of opportunities and challenges. The potential for success in embracing NbS is promising, yet it is crucial that we approach these solutions with precision and thoroughness to avert undesirable consequences.

WWF remains committed to ongoing collaboration with the government of Viet Nam, working together to implement Nature-based Solutions (NbS) in the country. We will work closely with the government in adopting appropriate approaches and mobilizing resources and financial support for effective implementation", shared Dr. Van Ngoc Thinh, CEO of WWF-Viet Nam.

Let's explore WWF's NbS in action across Viet Nam's landscapes in this video:

Dr.Van Ngoc Thinh shares insights on the NbS direction of WWF-Viet Nam at the event.

Representatives from MONRE, MARD, HSBC, USAID, WWF and other stakeholders collectively engaged in a commemorative photo session at the event.