Eleven exciting projects that will help tackle climate change in Vietnam have been selected in the second cohort of Climate Finance Accelerator (CFA) Vietnam, according to the British Embassy.

The projects cover clean energy and energy transition, e-mobility, AFOLU (agriculture, forestry and other land uses), the circular economy, and waste management, and have the potential to benefit communities around the country. These projects are seeking a total of $436 million in funding.

The fields in which these projects operate are all areas with strengthened policy and regulatory frameworks, helping to minimize the risk of project delays. The potential to mitigate climate change and reduce carbon emissions is among the program’s important criteria, and many participating projects clearly demonstrate this impact.

To improve project capacity and opportunities to attract investment from Vietnamese and international investors, each project will receive one-to-one and group support tailored from CFA. The technical and financial expertise shared with the projects will include advice on financial models, how to prepare pitch materials, and how to enhance gender equality and social inclusion (GESI).

British Ambassador to Vietnam, H.E. Iain Frew, said the variety of projects selected to be part of the second phase of CFA Vietnam demonstrates the innovative and groundbreaking ways that Vietnamese businesses are implementing measures to protect the blue planet.

“I am incredibly pleased that the projects from the first phase of the program have seen such positive follow-up from investors, and I believe that new projects participating in the second phase of the CFA program will receive similar benefits and positive results,” the Ambassador said.

Following capacity building and mentoring sessions, the projects will meet with investors and financial institutions at a workshop in May. This will allow project developers to further refine their financial structuring through personalized discussions with interested financial institutions.

The event will also provide an opportunity for participants to network and for policymakers to understand the challenges faced by other stakeholders in the climate finance space.

Ms. Dinh Thi Quynh Van, Chairwoman of PwC Vietnam, said the company is honored to continue its role as the in-country delivery partner for CFA Vietnam, an initiative that aligns with their commitment to ESG business practices and agenda.

“The current landscape is favorable for low-carbon projects, coinciding with Vietnam’s net-zero commitments and ongoing regulatory improvements across sectors,” she added. “We are excited to observe the growing interest from investors in low-carbon projects in Vietnam and look forward to seeing more successful engagements made between the projects and potential investors.”

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 and to offer support to implement the Vietnam Just Energy Transition Partnership (V-JETP) that was agreed upon in December 2022.

The CFA is a £11.8 million ($15 million) technical assistance program funded by International Climate Finance (ICF) through the UK Government’s Department for Energy Security and Net Zero (DESNZ). The CFA is being implemented in ten countries - Vietnam, Colombia, Egypt, Mexico, Nigeria, Pakistan, Peru, South Africa, Türkiye, and Uganda - and is working to develop a sustainable pipeline of bankable, low carbon projects in each country.

The CFA is part of the UK’s efforts to support climate action on a global scale, facilitating access to finance and helping governments achieve climate targets under the Paris Agreement.

The UK Government has announced up to £40 million ($50.88 million) to extend the CFA program from late 2024 to 2029. This will support up to 750 low carbon projects in some 16 countries in Asia, Latin America, and Africa. CFA Vietnam is being implemented by PwC Vietnam.