The UK supports Vietnam’s energy transition, moving towards low carbon

The UK supports Vietnam’s energy transition from low-carbon projects through the Promotion Program push Finance climate.

The Climate Finance Advancement Program (CFA) is a technical assistance program funded by the UK Government that responds directly to the emergency and widespread impacts of climate change.

The British Embassy in Vietnam has officially launched a program to support access to investment capital for innovative, low-carbon projects.

The program invites projects implemented in Vietnam to submit applications to participate in the program until January 15, 2023 to receive support in accessing investment capital completely free of charge.

As noted by the CFA Program, although capital for climate finance is still available in the market, ensuring this capital flows to the projects most in need of capital is still a challenge. awake.

The program creates conditions for project developers to meet and access financial institutions capable of developing and financing large-scale climate projects.

With this approach, CFA contributes to Vietnam’s overall efforts to implement Nationally Determined Contributions (NDC) in the Paris Agreement, reduce greenhouse gas emissions and set targets for more ambitious climate.

The initiative is a continuation of the UK’s efforts as host of COP26 and the recently launched negotiations to establish the Just Energy Transition Partnership (JETP) with Vietnam. recently announced.

The goal of the initiative is to mobilize financial resources and technical support to promote Vietnam’s clean energy transition. PwC Vietnam is the partner implementing the CFA program in Vietnam.

British Ambassador to Vietnam Lain Frew said: “The Climate Finance Promotion Program is deployed in Vietnam to support efforts to realize projects that directly contribute to the implementation of the ambitious goal of achieving Vietnam’s net zero emissions demonstrate the UK’s commitment to supporting Vietnam’s green transition within the JETP framework.”

In the first phase, the CFA Program will select 8-10 projects in the pre-feasibility stage that currently need to mobilize capital of 5 million USD or more.

Projects in the fields will be selected, including: renewable energy; energy/resource efficiency; electric vehicles; water supply; wastewater treatment; waste management; producing energy from waste; low-carbon production, green agriculture; decarbonization in the construction sector – areas that can help Vietnam achieve its climate commitments.

Projects participating in the program will receive capacity building support from experts in the fields of engineering, finance, gender equality and social inclusion to gain further understanding and overcome barriers investment.

In addition, the CFA Program will coordinate with Vietnamese Government policymakers to share in-depth knowledge and promote the creation of a favorable environment for climate finance activities in Vietnam.

The technical assistance program has a total implementation cost of £10.8 million, funded by the UK’s International Climate Finance (ICF) through the Ministry Enterprise, Energy and Industrial Strategy (BEIS). CFA has been deployed in eight other countries including Colombia, Egypt, Nigeria, Mexico, Pakistan, Peru, South Africa and Turkey.