A new climate innovation hub has been launched in Vietnam.
The Vietnam Climate Innovation Centre (VCIC) aims to help cleantech companies expand access to new and improved climate-smart products and services to more than 1,700 households.
The hub was launched by the Government of Vietnam alongside the Australian and the UK Governments which will provide finance and technological help.
The firms that apply for the support need to be in their first three years of operations.
The VCIC is part of the World Bank’s ‘Climate Technology Programme’, which aims to develop a global network of innovation centres in seven countries.
They are the Caribbean, Morocco, Ghana, Ethiopia, Kenya and South Africa.
Vietnam is one of the five most vulnerable countries to climate change, stated the World Bank.
The government believes clean technologies are key to reduce greenhouse gas emissions up to 10% by 2020 and a further 2% by 2050, it added.
Victoria Kwakwa, World Bank Country Director for Vietnam said: “The VCIC will help turn climate challenges into opportunities of growth as it helps small and medium enterprises scale the most innovative private sector solutions to climate change.
“By encouraging domestic entrepreneurship and innovation as well as supporting local clean-tech enterprises the center will help reduce emissions and improve climate resiliency, while also creating jobs and improving regional competitiveness.”
Last Saturday, 195 countries agreed a climate deal at COP21 conference in Paris.