On the sidelines of COP27, the ceremony of the Memorandum of Understanding (MoU) on the Collaboration program of Environmental, Social and Governance (ESG) between the Ministry of Natural Resources and Environment of Viet Nam (MONRE) and HSBC Viet Nam took place on 7 November. This side event was attended by Mr. Tran Hong Ha, the minister of MONRE and Mr. Stephen Moss, Regional Chief Executive Officer – Middle East, North Africa, and Turkey, HSBC Group.
Present in Viet Nam for 150 years, HSBC wants bear with Viet Nam in its fight against climate change and global warming. Engaging to fund 12 billion USD for Vietnam’s sustainable development to 2030, according to the Memorandum, HSBC Viet Nam will support MONRE in developing the effective approach that aligns with the net zero emission targets of Viet Nam and building the framework to unlock the international funding that helps Viet Nam to reach its sustainable development goals. This assistance focuses in for main objectives:
- Contributing to the National Strategies on Climate change to 2050 through sharing best practices and experiences, especially the knowledge in ESG development; building financial program including the international standard on sustainable finance; developing the framework for green bond issued by the Governments and Inter – governments; expanding the domestic carbon market and related financing mechanisms.
- Supporting Viet Nam to build up the human resources and strengthen the ability needed for the sustainable field
- Developing the Taxonomy and defining sustainable assets and financial assets in Viet Nam. HSBC will join hand with the country for the creation of the second version of ASEAN Taxonomy of sustainable finance to define and classify the sustainable economy activities in the Southeast Asia
- Assisting MONRE to develop toolkits and guidance across businesses in all sectors of emission evaluation and to draw the roadmap to a green economy
The minister Tran Hong Ha highly appreciated the strong commitments of HSBC in support Viet Nam for the implementation of Net-zero emission targets. This collaboration has given opportunities to Viet Nam to leverage resources from financial institutions, associations, and experts and to encourage the participation of the private sector.