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Mar 27, 2023 / 17:55

UK-funded CFA to support nine low-carbon projects in Vietnam

The CFA is part of the UK Government's efforts to help Vietnam meet the commitments made by Prime Minister Pham Minh Chinh at COP26 in Glasgow in 2021.

Nine low carbon projects from across Vietnam have been announced to be part of the first cohort of the Climate Finance Accelerator (CFA) Vietnam.

The selected projects come from diverse sectors including renewable energy, resource and energy efficiency, electromobility, AFOLUs (agriculture, forestry and other land uses), decarbonised construction, circular economy and waste management, and have the potential to benefit communities across Vietnam.

 Deep C Green is one of the first nine low-carbon projects in Vietnam to join the CFA. Photo: Deepc.vn

Projects will receive tailored one-on-one and group support to improve project readiness and chances of attracting investment from Vietnamese and international investors. This will include advice on technical aspects, financial models, and pitch materials, as well as advice on improving gender equality and social inclusion (GESI).

The CFA is part of the UK government's efforts to support Vietnam's delivery of the commitments made by Prime Minister Pham Minh Chinh at COP26 in Glasgow in 2021 and the implementation of the Vietnam Just Energy Transition Partnership (V-JETP) that was agreed upon in December 2022.

According to British Ambassador to Viet Nam Iain Frew, the exciting and innovative projects selected as part of CFA Viet Nam underscore the significant potential of Vietnam's 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 added.

After the capacity building and mentorship, projects are expected to meet with investors and financiers at a workshop in May 2023. Through personalized discussions with interested financial institutions, project developers will be able to further refine their financial structuring. The event will also be a networking opportunity for participants and a chance for policy makers to understand the challenges of other stakeholders in the climate finance space.

Dinh Thi Quynh Van, CEO of PwC Viet Nam, shared her hope that "the capacity building support provided by this program will help the selected cohort to attract finance for their projects and contribute to helping Viet Nam achieve its climate goals".

The first cohort of the CFA Viet Nam program are:

●   Blue Planet Environmental Solutions is a producer of biogas from rice straws using a dry-digestion system. 

●  Control & Automation Solutions is a tech company providing automation solutions in the energy and agriculture sectors. 

●  Dat Bike is Viet Nam’s first domestic electric motorbike company. 

●  Deep C Green is a subsidiary of Deep C Industrial Park - an aspiring eco-industrial park in Viet Nam. 

●  Egreen Technology JSC is a supplier of biogas electricity for livestock farms. .

●  Hoabinh High Tech Environment Joint Stock Company is a company in industrial waste management using circular economy principles. 

● Power Engineering Consulting Joint Stock Company 4 is implementing a project that focuses on treating and reusing coal-fired power fly ash to produce Autoclaved Aerated Concrete (AAC) bricks and other types of unburnt bricks. 

● Vietnam Sustainable Materials Corporation is the manufacturer of bamboo products such as bamboo boards, bamboo panels for flooring and building materials, activated carbon, pellet fuels, and handicrafts. 

● VRB Energy is a large-scale integrated Vanadium Flow Battery (VFB) producer.