Finance to cope with climate change will be a big challenge for developing countries, which are in the vulnerable group like Vietnam, experts said in a seminar on December 2.

Climate change can cause severe floods.

According to delegates at the “Vietnam and Climate Change” seminar, held by the United Nations in Vietnam, the financial requirement for preventing climate change is estimated to account for 0.5 percent of the gross domestic product (GDP) of developed countries.

In Vietnam, the National Assembly recently approved 67 billion dong ($3.9 million) for confronting climate change but the country needs more financial resources to fight and ready itself for climate change, said Nguyen Khac Hieu, vice chief of the Steering Board for the Implementation of the Climate Convention and the Kyoto Protocol.

Vietnam will need around 1965 billion ($115.5 million). Of this, around 50 percent will be raised from foreign assistance, 45 percent from the state budget and the remaining from other sources.

However, the country has received only $40 million from Denmark to implement climate change prevention projects from 2009 to 2013.

VietNamNet/Tien Phong