Standard Chartered Vietnam and the Ministry of Natural Resources and Environment (MoNRE) officially signed an MoU on September 5 regarding cooperation in responding to climate change, witnessed by Minister of Natural Resources and Environment Tran Hong Ha, leaders from a number of units under MoNRE, Mr. Bill Winters, Group CEO of Standard Chartered Bank, and members of Standard Chartered Vietnam.
The MoU will focus on activities to strengthen capacity and support the implementation of projects to respond to climate change, encourage the private sector to implement climate change adaptation, develop programs on transformative finance and green and sustainable finance, and promote the development of Vietnam’s carbon market to implement the commitments it made at COP26.
It will also contribute to the effective implementation of tasks and solutions to implement Vietnam’s commitments. This includes the implementation of a project on tasks and solutions to implement the results of COP26, which has been approved and has eight groups of key tasks.
The first is to complete consistent regulations, policies, and laws promoting the reform of administrative procedures and improving the business environment. The second is to focus on developing new renewable, zero-emission energy sources, energy storage technology, and carbon capture, storage, and utilization technology.
The third is to promote emission reductions in transportation and the mitigation of greenhouse gas emissions in building materials production, urban development, and green construction, while the fourth is to develop an ecological, circular, and low-carbon agriculture sector and forestry protection, conservation, use, and sustainable development. The fifth is to protect and restore natural resources and develop natural ecosystems.
The sixth is to actively adapt to climate change, the seventh is to conduct scientific research and innovation and build capacity and communications, and the eighth is to promote climate diplomacy.
Promoting cooperation with development partners and international financial institutions, especially in regard to sustainable green finance, is one of the priorities for the government in implementing the commitments the country made at COP26. Standard Chartered Bank is seen as a financial institution committed to accompanying Vietnam to address climate challenges and support activities to respond to climate change and energy transition to reach commitments.
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