Nine low carbon projects from across Vietnam were announced as the first cohort to join Climate Finance Accelerator (CFA) Vietnam on Monday by the British Embassy in Hanoi.

The selected projects represent diverse sectors such as renewable energy, resource/energy efficiency, e-mobility, decarbonising construction, circular economy, and waste management.

According to the British Embassy in Hanoi, the nine projects meet many 'green' criteria such as aiming to reduce greenhouse gas emissions; being at the pre-feasibility stage of development; having a business model that will generate commercially viable returns in the long-term; and contributing to furthering gender equality and social inclusion.

Those projects' scale is also fairly big as they have to come from existing companies in Vietnam and must have a minimum total financing need of US$5 million.

“The exciting and innovative projects selected to be part of CFA Vietnam underline the significant potential of the Vietnamese private sector to help tackle the climate crisis," British Ambassador to Vietnam Iain Frew said.

“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."

Following the capacity building and mentoring sessions, project developers will meet with investors and financial institutions at a workshop in May.

This will allow the 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. 

The first cohort of the CFA Vietnam program includes Blue Planet Environmental Solutions -- a producer of biogas from rice straws using a dry-digestion system; Dat Bike -- Vietnam's first domestic electric motorbike company aiming to manufacture modern, tech-driven electric bikes for the mass market and develop solar-powered battery charging infrastructure; Control & Automation Solutions -- a tech company providing automation solutions in the energy and agriculture sectors; Egreen Technology JSC -- a supplier of biogas electricity for livestock farms; Hoa Binh High Tech Environment Joint Stock Company -- a company in industrial waste management using circular economy principles; and Vietnam Sustainable Materials Corporation -- the manufacturer of bamboo products.

Others include Deep C Green, a subsidiary of Deep C Industrial Park -- an aspiring eco-industrial park in Vietnam; Control & Automation Solutions, a tech company providing automation solutions in the energy and agriculture sectors with two smart agriculture projects participating in the CFA Vietnam; and Power Engineering Consulting Joint Stock Company 4 -- a large-scale integrated Vanadium Flow Battery producer.

Those companies of the selected projects will receive tailored one-to-one and group technical support from CFA in 2.5 months, from March to May, to improve project readiness and opportunity to attract investment from Vietnamese and international investors.

CFA advisers will help with technical aspects including financial models, pitch material, and advice on enhancing gender equality and social inclusion (GESI).

The CFA is an £11.8 million ($14.5 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 implemented in nine countries including Vietnam.

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