HCMC – The Ministry of Natural Resources and Environment on May 26 signed a memorandum of understanding with the Commercial Bank for Investment and Development of Vietnam (BIDV) to foster sustainable green financial growth, protect the environment and respond to climate change.
Through the partnership, the role of the finance and banking system in attracting and encouraging investment in environmental pollution reduction projects will be enhanced.
The cooperation is also aimed at helping enterprises easily access the bank’s loans, attract investment in climate change response activities and speed up the transition to a low-carbon economy and renewable energy projects for sustainability.
Under the deal, the ministry will help BIDV increase its capacity to appraise environmental risks and set criteria for environmental risk assessments for projects to develop sustainable financial products.
Tran Hong Ha, Minister of Natural Resources and Environment, said that the cooperation between the ministry and BIDV in environmental protection fields would develop green bonds and green credit, boost the growth of the carbon market, aid enterprises with environmental protection, climate change response and renewable energy transformation and contribute to the transition to a low-carbon economy.
At the 26th United Nations Climate Change Conference of the Parties held in Scotland in November last year, the prime minister committed to achieving net-zero emissions by 2050.