By Michele Wee, CEO, Standard Chartered Bank Vietnam –
At COP26, November 2020, His Excellency Prime Minister Pham Minh Chinh on the world stage made the bold commitment for Vietnam to achieve Net Zero carbon emissions by 2050. This is a huge challenge, but at the same time an opportunity for Vietnam to implement strong reforms, restructure the economy towards green and sustainable growth, gradually increase the proportion of clean energy and renewable energy in economic development, and at the same time ensuring ESG is delivered concurrently.
In this process, the companionship and sharing of international organizations, financial institutions, and foreign banks is important not only in the perspective of policy advice and experience sharing for state management agencies, but also in supporting financial resources and direct capital for green project investors for sustainable development. The Just Energy Transition Partnership (JETP) and the detailed blueprint of the Resource Mobilisation Plan recently announced at COP28 by his Excellency Prime Minister Pham Minh Chinh, under the stewardship of the steering committee, will ensure the transition of RMP to tangible investment opportunities and adhere to ESG perimeters therefore, delivering real impact to the economy of Vietnam.
Let me share my perspectives on what we need to achieve the goals of ESG, green and sustainable development.