UK begins 2nd 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 that can benefit communities across the Southeast Asian nation.

Launched in the country in 2022, 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.

It brings together project developers and financial experts who can build and finance climate projects at scale, offering technical assistance and support with financial models and pitch materials, as well as advice about enhancing gender equality and social inclusion (GESI).

British Ambassador to Vietnam Iain Frew emphasised the launch of the next phase of CFA Vietnam as a testament to the success and impact of the first phase.

The UK is committed to supporting Vietnam 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 11.8-million-GBP (14.8 million USD) technical assistance program funded by the International Climate Finance (ICF), through the UK Government's Department for Energy Security and Net Zero (DESNZ).

It is currently carried out in nine countries, namely 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 500 million GBP investment from sectors including renewable energy, resource/energy efficiency, e-mobility, circular economy and waste management.