INDUSTRIES

Standard Chartered reaffirms support for Việt Nam’s commitment to addressing climate change

The Việt Nam Government and the bank exchanged five memorandums of understanding (MoUs), valued at approximately US$3 billion in sustainable financing to support five local businesses in achieving their sustainability goals

 

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Bill Winters, Standard Chartered Bank’s Chief Executive, had a bilateral meeting with Prime Minister Phạm Minh Chính

DUBAI — Standard Chartered Vietnam and the Ministry of Natural Resources and Environment of Việt Nam hosted the “Mobilising finance to achieve Việt Nam’s commitment on climate change” event in the United Arab Emirates last week on the sidelines of the United Nations climate change conference COP28.

The closed-door event welcomed Việt Nam Prime Minister Phạm Minh Chính, representatives from ministries and local authorities, Standard Chartered executives, including Bill Winters, the bank’s Group Chief Executive, and Michele Wee, the bank’s Chief Executive Officer in Việt Nam, as well as international and local business leaders.

The industry participants also discussed solutions to further mobilise finance through international resources, enhance capabilities, and propose climate change projects to attract investments and promote the active participation and delivery of the private sectors in addressing climate change.

 

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Standard Chartered Vietnam and SOVICO Group signed a memorandum of understanding. — Photo courtesy of the bank

In doing so, the Việt Nam Government and the bank exchanged five memorandums of understanding (MoUs), valued at approximately US$3 billion in sustainable financing to support five local businesses in achieving their sustainability goals. These include signings with SOVICO Group (a multi-sector investment group) on wind power and green projects; The Green Solutions Corporation on green hydrogen production plant in Trà Vinh; GuarantCo (a part of Private Infrastructure Development Group) on financing climate change and the energy transition, a master agreement with BIDV on sustainable finance transactions and a MoU with The PAN Group (a pioneering agriculture and food group) on sustainable projects.

Michele Wee, CEO of Standard Chartered Vietnam, said: “COP28 is a critical moment for the sustainability agenda to engage a broad range of stakeholders on climate change. As a global bank, we aim to contribute credible and meaningful dialogue that helps turn commitments into action on climate. Now is the time for outcomes to be delivered where they matter. Finance can enable and accelerate the just transition to a net zero, towards a nature-positive economy. We are committed to sustainable social and economic development through our business, operations and communities by enabling clients and communities to adapt and mitigate the climate risks they face, while also looking to promote sustainable economic development and prosperity.”

On the same day, Standard Chartered also had an exclusive bilateral meeting with PM Chính, where the bank highlighted the most recent developments of its sustainability work, as well as its commitment to continue to support Việt Nam Government in the nation’s sustainability plan.  

Standard Chartered Bank has committed to reaching net zero carbon emissions in its own operations by 2025, and in financing activity by 2050. The Bank aim to provide $300 billion in sustainable finance by 2030.

Standard Chartered collaborated with the government in hosting strategic global business events, including those at COP26 in the UK, in 2021, and COP27 in Egypt in 2022 and COP28 this year in the United Arab Emirates. These events have showcased Việt Nam’s resolute commitment to sustainability and helped facilitate high-quality foreign direct investments into the country.

Theo Vietnamnews