UK supports Viet Nam’s climate action
VGP - Nine low-carbon projects across Viet Nam have been announced as the first cohort to join Climate Finance Accelerator (CFA) Viet Nam, according to the British Embassy in Viet Nam.
The selected projects represent diverse sectors such as renewable energy, resource/energy efficiency, e-mobility, AFOLU (agriculture, forestry and other land uses), decarbonizing construction, circular economy, and waste management and have the potential to benefit communities across Viet Nam.
To improve project readiness and opportunity to attract investment from Vietnamese and international investors, the projects will receive tailored one-to-one and group support.
This will include advice on technical aspects, financial models, and pitch material, as well as advice on enhancing gender equality and social inclusion (GESI).
The CFA is part of the UK Government's efforts to help Viet Nam meet the commitments made by Prime Minister Pham Minh Chinh at COP26 in Glasgow in 2021, and offer support to implement the Viet Nam Just Energy Transition Partnership (V-JETP) that was agreed in December 2022.
British Ambassador to Viet Nam Iain Frew said that the exciting and innovative projects selected to be part of CFA Viet Nam underline the significant potential of the Vietnamese private sector to help tackle the climate crisis.
The expertise shared with these projects will help move them closer to finding investment, leading to reductions in carbon emissions for communities across the country, 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 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.
The CFA is part of the UK's efforts to support climate action on a global scale, facilitating access to finance and helping governments achieve climate targets under the Paris Agreement.