In December 2021, the International Finance Corporation (IFC), a member of the World Bank Group, signed an agreement with T&J Green Energy Company Limited to provide a financing package worth USD 30 million to fund the development of a waste-to-energy factory in Bac Ninh province, Vietnam. The package contributed to the efforts of the country to achieve net-zero carbon emissions by 2050. The purpose is to expand the province’s waste treatment capacity and lower its environmental footprint while protecting inhabitants from health risks related to untreated waste.
The financing package comprises a USD 15 million concessional loan from the Finland-IFC Blended Finance for Climate Program, which was founded to accelerate innovative investments with substantial development and climate benefits and generate private finance for climate-smart projects in developing countries economies. In addition, the project is also funded by the Japanese government via its Financing Program for the Joint Crediting Mechanism (JCM) Model Projects in the fiscal year 2021.
T&J Green Energy Company Limited will utilize the loan to build a modern waste-to-energy plant in Thuan Thanh district, Bac Ninh province. The facilities are expected to commence operations in 2024 and incinerate 500 tons of municipal and industrial solid waste every day, significantly boosting the province’s current waste treatment capacity.
T&J Green Energy Company Limited is a joint venture between Thuan Thanh Environment JSC, a Bac Ninh-based recycling company, and JFE Engineering Corporation, a leading Japanese company in constructing and operating waste treatment facilities.
(Source: International Finance Corporation IFC)