(TBTCO) – At the 28th Conference of Parties to the United Nations Framework Convention on Climate Change (COP28), in the presence of Prime Minister Pham Minh Chinh, VietinBank signed a Memorandum of Understanding on cooperation with MUFG to cooperate in promoting ESG and sustainable development in Vietnam.
Mobilizing financial resources and funding mechanisms plays an important role in global efforts to combat climate change. This is also one of the four running themes of COP28.
The International Monetary Fund’s report on global financial stability cited data from the International Energy Agency (IEA): It is forecast that by 2030, developing economies will need about 2,000 billion USD per year. years to achieve climate goals.
Within the framework of COP28, VietinBank participated and signed a Memorandum of Understanding with strategic partner MUFG to promote and mobilize sustainable financial resources, thereby contributing to the implementation of sustainable development goals. sustainability and ESG practices in Vietnam. In particular, MUFG strives to support VietinBank in arranging up to 1 billion USD to serve sustainable development projects, bringing environmental and social benefits and promoting circular economy.
Mr. Le Duy Hai – Deputy General Director of VietinBank and Mr. Daisuke Nishiyama – Executive Director, Head of Sustainable Development Department of MUFG presented the MOU in the presence of Prime Minister Pham Minh Chinh.
MUFG and VietinBank have established a strategic partnership since 2013. As the largest bank in Japan and one of the largest banks globally, MUFG is currently a member of the Working Group of the Glasgow Financial Alliance for net zero emissions (GFANZ) is committed to participating in supporting the implementation of JETP (Just Energy Transition Partnership Agreement) for Vietnam.
|VietinBank considers ESG practices, promoting sustainable finance, and climate finance to be a focus of its operations. The Bank is developing a Sustainable Finance Framework, providing specific guidance for financing and managing grants for a portfolio of Green and Social projects.
With this Memorandum of Understanding, in addition to financial cooperation and technical support, MUFG will share experiences in implementing ESG, coordinate with VietinBank to make recommendations and consult with administrative agencies. policies to combat climate change and sustainable development, and cooperate closely in implementing the JETP agreement.
Mr. Colin Chen, Head of ESG Finance Asia-Pacific, MUFG said: “MUFG and VietinBank are long-term partners in many areas of common cooperation. The Memorandum of Understanding signed today continues to strengthen the cooperative relationship between the two parties in promoting sustainable development and sustainable finance in Vietnam. Realizing the United Nations Sustainable Development Goals (SGDs) is the foundation for the implementation of the National Action Master Plan and the mobilization of additional financial resources to promote implementation of the Program. Agenda 2030 for sustainable development in Vietnam”.
VietinBank’s delegation at COP28 was led by Chairman of the Board of Directors Tran Minh Binh.
VietinBank considers ESG practices, promoting sustainable finance, and climate finance to be a focus of its operations. The Bank is developing a Sustainable Finance Framework, providing specific guidance for financing and managing grants for a portfolio of Green and Social projects.
At the same time, VietinBank also actively participates in many activities such as the Vietnam Circular Economy Forum in 2023; Collaborate with key members of the Asian Transitional Finance research group to publish research reports outlining advances in transitional finance in Asia; signed a cooperation agreement with the Ministry of Natural Resources and Environment towards sustainable development goals and many other meaningful activities to spread the commitment to accompany businesses in the transition to net zero emissions ./.