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UK launches second phase of climate finance accelerator in Viet Nam

VGP - The British Embassy in Ha Noi has announced a new wave of capacity-building support for low carbon projects that can benefit communities across Viet Nam.

August 24, 2023 3:44 PM GMT+7
UK launches second phase of climate finance accelerator in Viet Nam - Ảnh 1.

Launched in Viet Nam in 2022, the climate finance accelerator (CFA) is a technical assistance program funded by the UK government that responds directly to the urgency and scale of the climate crisis.

It brings together project developers and financial experts who can develop and finance climate projects at scale, offering technical assistance and support with financial models and pitch materials, as well as advice about enhancing gender equality and social inclusion (GESI).

British Ambassador to Viet Nam Iain Frew emphasized the launch of the next phase of CFA Viet Nam is a testament to the success and impact of the first phase. 

He expressed his thanks to the financial organizations who have supported the CFA so far and pleased that they are continuing to work with the UK for phase two.

The UK is committed to supporting Viet Nam to transition to a net zero, climate-resilient and nature-positive future. The UK's own low carbon transition has involved the active participation of the private sector and green finance, noted the diplomat.  

"Low carbon business ventures can play a similarly important role in supporting Viet Nam in achieving its net zero goals, and the UK is proud to be offering support for this through the CFA," he shared. 

The CFA is a £11.8 million technical assistance program funded by International Climate Finance (ICF), through the UK Government's Department for Energy Security and Net Zero (DESNZ). 

The CFA is currently implemented in nine countries (Colombia, Egypt, Mexico, Nigeria, Pakistan, Peru, South Africa, Turkey and Viet Nam) and is working to develop a sustainable pipeline of bankable, low carbon projects in each country.

Phase one of CFA Viet Nam included nine innovative low carbon projects seeking a total of over £500m investment from sectors including renewable energy, resource/ energy efficiency, e-mobility, circular economy and waste management./.