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Tuesday, June 18, 2024

UK provides US$54 million for low-carbon projects

The Saigon Times

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HCMC – British Consul General in HCMC Emily Hamblin has announced a sponsorship of up to 40 million pounds, equivalent to US$54 million, to expand the Climate Finance Accelerator (CFA) program over the next five years.

This funding will support the CFA program from late this year until 2029, Hamblin stated during the closing ceremony of the second phase of the CFA program in HCMC on May 22. The sponsorship aims to assist at least 800 low-carbon projects in 16 countries across Asia, Latin America, and Africa, including Vietnam.

According to Hamblin, the program not only aids Vietnam in meeting its energy transition goals but also promotes sustainable development through low-carbon initiatives.

In the initial phase of the CFA program, nine projects were selected to receive aid. The second phase, which began in August 2023, saw eleven projects chosen for support.

The CFA projects in Vietnam in phase 2 will receive assistance to build capacity in finance, technology, gender equality, and social integration. Additionally, the participating projects will have opportunities to connect and network with financial institutions, policymakers, experts, and other projects.

The CFA is a technical assistance program with a total budget of 11.8 million pounds, funded by the UK’s International Climate Finance Fund.

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