The role of private finance in accelerating actions for reducing greenhouse gas (GHG) emissions and adapting to climate change is now well recognised. To drive private finance in this direction, a conducive mix of appropriate incentives, legal frameworks and enforcement is required. The Ministry of Planning and Investment (MPI) of Vietnam therefore initiated the Private Climate Expenditure and Institutional Review (PCEIR) in 2017-18 to track the climate change mitigation and green growth investments made in the 2010-15 period.
The process undertaken under the PCEIR enables Vietnam to track and efficiently manage their climate investments such that it can help deliver maximum impact from the limited financial resources available. Various factors such as the adoption of a comprehensive data collection process, an alignment with domestic needs and frameworks, the assessment of future financial needs and the transparency of the process have contributed to the successful realisation of the PCEIR.