The UK pledged to support over USD 50 million in a low-carbon program

On May 22, at the closing ceremony of the Vietnam Climate Finance Accelerator (CFA) Phase 2 program in Ho Chi Minh City, Mrs. Emily Hamblin, British Consul General in Ho Chi Minh City, announced the funding of 40 million pounds (about more than USD 50 million) to expand the CFA program starting from the end of 2024 to 2029.

This funding will support at least 800 low-carbon projects in 16 countries across Asia, Latin America, and Africa, including Vietnam.

According to Mrs. Hamblin, CFA is an important initiative of the UK to support Vietnam in implementing the climate efforts that Vietnam committed to at COP26.

This program helps Vietnam meet its energy transition goals and supports sustainable development through low-carbon projects.

In the program's first phase, CFA selected and supported nine projects. Starting from August 2023, the second phase has selected 11 projects to continue training.

Mrs. Hamblin expressed her joy at the positive results of early-stage projects, believing that new projects will continue to receive support from investors.

"The closing ceremony on May 22 marks the end of the 4-month capacity building process for projects selected in phase two. Participating parties will have the opportunity to have early access to high-quality projects while building relationships with developers, financiers, and policymakers from both Vietnam and the UK.

This demonstrates the strong cooperation between the two countries in clean growth and carbon reduction," affirmed the British Consul General in Ho Chi Minh City.

CFA Vietnam phase 2 projects will be supported to build capacity in finance, technology, gender equality, and social inclusion. Participating projects will also have the opportunity to connect and build relationships with financiers, policymakers, experts, and other projects.

Through the project, state regulators have more opportunities to understand other stakeholders' challenges in climate finance.

The UK is co-chairing the Just Energy Transition Partnership (JETP) between Vietnam and the EU to mobilize USD 15.5 billion to support Vietnam's energy transition.