Vietnam needs $35 bln for climate change adaptation: PM

Vietnam needs $35 bln for climate change adaptation: PM

It finds that climate cases have almost doubled over the last three years and are increasingly compelling governments and corporate actors to implement their climate commitments, as well as pursue more ambitious climate change mitigation and adaptation goals.

The goal of CAS is to try to develop united practical solutions to the challenges and the inevitable effects of climate change over the coming decade.

At the 2016 UN Climate Change Conference, Governments agreed to help vulnerable countries adapt to climate change by 2020. It involves deliberately designing and sourcing climate adaptation innovations across finance, policy, regulation, citizen engagement and technology in a test-learn-adjust approach that appreciates adaptation is a property of complex system dynamics.

German Chancellor Angela Merkel, meanwhile, said her government would boost support for increased insurance coverage against extreme weather in developing nations.

"Let us remember that developed countries must meet the commitments made in the Paris Agreement to mobilize 100 billion USA dollars a year for mitigation and adaptation in developing countries", he added.

As shortfalls in adaptation finance continued, Mozambique saw more than a thousand homes demolished by Cyclone Eloise in recent days, while camps for displaced people in Syria similarly have been destroyed by heavy flooding, Vianen said. This flagship program will focus on agriculture, infrastructure, youth and innovative finance. The demand-side is crucial, so we need ambitious local adaptation strategies and targets embedded with economic development strategies. AfdB and GCA will use this to leverage an additional $12.5 billion through other key partners. The event, taking place Monday and Tuesday, marks a pivotal moment in the movement for climate adaptation, the first time a global summit has been held on the topic.

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"We are standing before a momentous challenge for the benefit of the common good".

At the United Nations Climate Action Summit 2019, global leaders endorsed a call for action advocating a vision that puts climate adaptation at the center of decision making, and gives impact response and building resilience for the future "equal and increased urgency".

The Global Commission on Adaptation (GCA), which will release a report outlining adaptation proposals and suggestions culled from the summit, estimates that adaptation will cost the world $300 billion per year by 2030.

The African Development Bank Group (ADBG) is also expected to speak regarding renewable energy and its role in reinvigorating African economies in the wake of the COVID-19 pandemic.

The leaders who spoke during the summit were unanimous in their call for acceleration of climate adaptation efforts so as to safeguard communities from the harmful impacts of a changing climate.

Since yesterday and for 24 consecutive hours, The Hague has organized several discussions between heads of state and government from all over the world, United Nations officials, businessmen, NGOs, civil society and organizations such as the International Monetary Fund and the World Bank, in search of practical solutions and plans for climate adaptation and mitigation.

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