Together with our local business partners in Vietnam, we have received start-up funding to reduce the country’s water loss. The financial support is provided by the new P4G Partnership Fund.
P4G (Partnering for Green Growth and Global Goals) is a Danish initiative launched by the Danish Prime Minister Lars Løkke Rasmussen at the UN General Assembly in 2017, with the purpose of promoting the Paris Climate Agreement and the United Nations’ Sustainable Development Goals.
“We need to think differently to cope with climate changes and foster sustainable development to the benefit of both people, organisations and our planet. As a result, the Danish government initiated P4G last year. It is a new global coalition of countries and organisations that develop and support public-private partnerships within the fields of water, energy, healthy cities, food and circular economy,” says Ulla Tørnæs, Minister for Development Cooperation.
According to the Minister for Development Cooperation, it is a requirement that the partnerships develop market-driven solutions to receive support from the new P4G fund.
“Our support is a kind of global start-up funding that can help develop and form partnerships that lead to profitable solutions, and thus are also sustainable,” says Ulla Tørnæs.
In Vietnam, the start-up funding for the partnership between Grundfos and the local Vietnamese water company will help to make new water technology, and thus water and energy savings, commercially interesting to the benefit of both consumers, the environment and commercial actors. And if the project succeeds, it could potentially pave the way for large investments from the Investment Fund for Developing Countries (IFU) among others, as well as other international investors.
“The world needs water. Especially people in the poorest areas need access to clean water. At the same time, there is a big need to create new, sustainable and innovative business models that can help ensure the supply of water in the most vulnerable areas. In many cases, we already have the technologies. The challenge is to make them accessible to all,” says Kim Nøhr Skibsted, Group Vice President, Communication, Public Affairs & Engagement.
P4G has selected a total of 24 global partnerships between public and private actors. These will be the first to receive funding and facilitation from the new P4G Partnership Fund totalling DKK 25 million.
In addition to the financial support received to start up the project in Vietnam, Grundfos has also received start-up funding for a project, where we work closely together with the Danish Refugee Council to ensure sustainable water supply in a Ugandan refugee community.