70th anniversary of Hanoi's Liberation Day Vietnam - Asia 2023 Smart City Summit Hanoi celebrates 15 years of administrative boundary adjustment 12th Vietnam-France decentrialized cooperation conference 31st Sea Games - Vietnam 2021 Covid-19 Pandemic
Home / Economy / Industry
UK to fund innovative low carbon projects in Vietnam
Phi Nhat 14:32, 2022/12/21
The CFA program enables Vietnam's climate innovators to access technical, financial and expert support in gender equality and social inclusion from the UK.

The UK Government will provide financial support for innovative low-carbon projects in Vietnam, the British Embassy in Hanoi gave the announcement on December 19.

 The UK Government will support Vietnam through the Climate Finance Accelerator program. Photo: CFA

The assistance will be implemented under the Climate Finance Accelerator. Interested parties are required to submit their application to participate in the program until January 15, 2023.

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.

The CFA Vietnam is initially looking for 8-10 projects at the pre-feasibility stage to seek investment of at least US$5 million. Those holding projects need to complete the online application.

The projects that will help Vietnam meet its climate commitments span several fields: renewable energy, energy efficiency, e-mobility, water supply, wastewater treatment, waste management, waste-to-energy, low-carbon manufacturing, green agriculture, and decarbonization in the construction sector. 

Project proponents will be supported by technical, financial, gender equality and social inclusion experts to help them understand and overcome barriers to investment.

The CFA will also work with policymakers in the Vietnamese Government to share insights to support the development of the enabling environment for climate finance.

Iain Frew, British Ambassador to Vietnam, said: “I am delighted that the innovative Climate Finance Accelerator is now operational in Vietnam to support the realization of projects that directly deliver on the country’s net zero ambitions.”

He added the CFA has already seen great success in eight countries around the world and it is fantastic news that low-carbon projects in Vietnam will be able to benefit from technical support to help them to secure investment. 

This is a testament to the UK’s commitment to supporting Vietnam’s green transition as part of the Just Energy Transition Partnership, the British Ambassador to Vietnam underlined.

By bringing together project developers and financial experts who can develop and finance climate projects at scale, the CFA will support Vietnam’s efforts to implement its Nationally Determined Contribution (NDC) under the Paris Agreement, deliver emissions reductions, and raise its overall climate ambition.  

Dinh Thi Quynh Van, CEO of PwC Vietnam, said the CFA program provides a great opportunity for climate innovators in Vietnam to access the technical, financial and gender equality and social inclusion experts’ support from the UK. “Vietnamese businesses are increasingly showing proactive actions towards the environment and society," she noted. 

RELATED NEWS
TAG: the UK Vietnam low carbon projects the CFA program
Other news
15:53, 2024/05/29
Vietnam's exports surge 15% in January-May
On the positive side, both the foreign-invested and domestic sectors recorded good export growth.
18:03, 2024/05/27
Online payments for public services soar
It's reported that the method of paying for online public services through mobile money accounts will be expanded to increase convenience, simplicity and speed.
15:02, 2024/05/27
Prime Minister urges diversification of power sources
The priority is to ensure that there is no electricity shortfall under any circumstances.
18:43, 2024/05/24
Gov’t approves Hanoi’s US$118-million industrial park project
The project will prioritize attracting investment in high-tech and clean industries, in line with Hanoi's new development orientation and the development direction of the industrial sectors in the Red River Delta.
15:29, 2024/05/24
High-demand overseas jobs in Vietnam
Vietnam is expected to send about 125,000 workers on contract to foreign countries this year.
22:30, 2024/05/23
Vietnam's outbound travel buzz soars this summer
Vietnam's outbound tourism continues to show positive growth even in the face of current economic challenges.