UK starts second phase of climate finance accelerator in Vietnam
The UK Embassy in Vietnam has announced a new wave of capacity-building support for low carbon projects which have the potential to benefit communities across the Southeast Asian nation.
Originally launched in the country back in 2022, the climate finance accelerator (CFA) is a technical assistance programme which is funded by the UK Government that responds directly to the urgency and scale of the current climate crisis.
It seeks to bring together various project developers and financial experts who are capable of building and financing climate projects at scale, offering technical assistance and support with financial models and pitch materials, as well as advice regarding enhancing gender equality and social inclusion (GESI).
British Ambassador to Vietnam Iain Frew emphasised that the launch of the next phase of CFA Vietnam is a testament to the overall success and impact of the first phase.
The UK therefore pledges to support the Vietnamese side in its 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.
The CFA is a GBP11.8-million, equal to US$14.8 million, technical assistance programme funded by the International Climate Finance (ICF), through the UK Government's Department for Energy Security and Net Zero (DESNZ).
It is currently implemented across nine countries, including Colombia, Egypt, Mexico, Nigeria, Pakistan, Peru, South Africa, Türkiye, and Vietnam, and is working to develop a sustainable pipeline of bankable, low carbon projects in each country.
The first one of CFA Vietnam included nine innovative low carbon projects seeking a total of over GBP500 million investment from sectors, including renewable energy, resource/energy efficiency, e-mobility, circular economy, and waste management.