First 9 projects picked for Climate Finance Accelerator in Vietnam

Nine low-carbon projects in Vietnam have been announced as the first cohort to join Climate Finance Accelerator (CFA) in the country, the British Embassy in Hanoi said Monday.

The selected projects represent diverse sectors like renewable energy, e-mobility, AFOLU (agriculture, forestry and other land uses), decarbonizing construction, circular economy, and waste management. They have the potential to benefit communities across Vietnam, the embassy explained.

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

“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. 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,” said British Ambassador to Vietnam Iain Frew.

To improve project readiness and opportunity to attract investment from Vietnamese and international investors, the projects will receive tailored one-to-one and group support. This will include advice on technical aspects, financial models, and pitch material, as well as advice on enhancing gender equality and social inclusion, or GESI.

Following the capacity building and mentoring sessions, the projects will meet with investors and financial institutions at a workshop this May, according to the British Embassy.

The first project among the nine is Blue Planet Environmental Solutions, a producer of biogas from rice straws using a dry-digestion system.

Control & Automation Solutions, the next, is a tech company providing automation solutions in the energy and agriculture sectors. The firm has two smart agriculture projects joining CFA Vietnam. The Circular Rooftop Farming project focuses on developing and implementing advanced solutions for farming on rooftops, urban houses, and building spaces to promote productive green areas in big urban centers. The second, Circular Agrisolar Farms, seeks to implement high-tech greenhouses using solar and biowaste renewable energy in rural areas.

The third is Dat Bike, the first domestic electric motorbike maker in the country. Dat Bike’s proposed project aims to manufacture modern, tech-driven electric bikes for the mass market and develop solar-powered battery charging infrastructure.

Deep C Green, the fourth selected, is a subsidiary of industrial real estate developer Deep C in the country. Deep C Green is looking to expand the installation and operations of rooftop solar panels on tenants’ roofs to enhance energy efficiency and reduce carbon footprint for Deep C.

Next in the list is Egreen Technology JSC, a supplier of biogas electricity for livestock farms. With its system of biogas-fueled electricity generators, Egreen can help farms cut biogas emissions and significantly reduce electricity costs.

The sixth is Hoa Binh High Tech Environment JSC, a company in industrial waste management using circular economy principles. To increase and enlarge the scope of business, the firm has created a new entity to collect, transport, and treat industrial and hazardous waste and trade wastes and products after recycling.

Power Engineering Consulting 4 JSC, seventh in the list, is implementing a project focusing on treating and reusing coal-fired power fly ash to produce autoclaved aerated concrete (AAC) bricks and other types of unburnt bricks, which are alternatives to traditional burnt clay bricks.

Vietnam Sustainable Materials Corp., picked as the eighth, is a manufacturer of bamboo products like bamboo boards, bamboo panels for flooring and building materials, activated carbon, pellet fuels and handicrafts. The project partners with forestry partners with sustainable cultivation practices and aims to increase the economic value of bamboo across its value chain in the Central Highlands.

Last but not least, VRB Energy is a global large-scale integrated vanadium flow battery (VFB) producer. The project is VRB Energy’s expansion to Vietnam. VRB batteries use vanadium electrolyte to store energy and enable wider use of renewable power generation such as wind and solar, according to the embassy.