The government of Laos expressed its commitment to achieving zero greenhouse gas emissions by 2025 during the recent session of the National Assembly.
Vientiane Times reports that the government confirmed that there will be funds available to support climate change programs in Laos.
Minister of Natural Resources and Environment Mr. Bounkham Vorachit told policymakers that the country expects to receive USD 19 million in financial support from international financial institutions in the near future.
The government anticipates receiving USD 10 million in grants from the Climate Change Fund, USD 8 million from the Global Environment Fund, and USD 1 million from the Green Climate Fund.
According to Mr. Bounkham, the government has also submitted project proposals requesting an additional USD 100 million in funding under various international conventions.
As COP27 recently ended in Egypt with the historic decision of providing “loss and damage” funding for small island countries and low-lying nations that were hit hard by climate disasters, the minister believed that this event represented further potential for obtaining financial support in Laos which has also been hit by heavy floods and landslides in 2022.
The Lao Ministry of Natural Resources and Environment defined its new climate change policy in February this year, with the goal of reducing greenhouse gas emissions to zero by 2050.