In a historic moment at the 28th Conference of the Parties (COP28) in Dubai, The Green Solutions Group and Standard Chartered Bank signed a Memorandum of Understanding (MOU) to mark the commencement of a groundbreaking collaboration. The agreement focuses on financial advisory and fund arrangement for the Tra Vinh Green Hydrogen Manufacturing Plant and other eligible projects in Vietnam.
Michele Wee, CEO of Standard Chartered Vietnam and Winnie Huynh, CEO of The Green Solutions exchange a memorandum of understanding
The signing ceremony was graced by the esteemed presence of Vietnam's Prime Minister, Pham Minh Chinh, alongside the Deputy Minister of the Ministry of Industry and Trade (MOIT) and the Minister of Natural Resources and Environment (MONRE). The event highlighted the commitment of both public and private sectors to advancing sustainable initiatives in Vietnam and contributing to the global green agenda.
Under the terms of the MOU, The Green Solutions Group and Standard Chartered Bank will work in close collaboration to provide financial advisory services and facilitate fund arrangements for the Tra Vinh Green Hydrogen Manufacturing Plant. This pioneering project aims to establish a state-of-the-art facility for the production of green hydrogen, a clean and sustainable energy source that aligns with Vietnam's commitment to reduce carbon emissions and promote eco-friendly technologies.
Vietnam's Prime Minister, Pham Minh Chinh, expressed his enthusiasm for the partnership, stating, "This collaboration between The Green Solutions Group and Standard Chartered Bank represents a significant step towards achieving our environmental goals. The Tra Vinh Green Hydrogen Manufacturing Plant is a testament to our commitment to sustainable development and clean energy solutions."
The Tra Vinh Green Hydrogen Manufacturing Plant is part of a broader initiative to support eligible projects that contribute to Vietnam's transition to a low-carbon economy. The MOU signifies the alignment of both organizations with the global efforts to combat climate change and promote responsible environmental practices.
The Deputy Minister of MOIT commended the collaboration, emphasizing its role in fostering innovation and economic growth. The Minister of MONRE highlighted the importance of such partnerships in addressing environmental challenges and ensuring a harmonious balance between economic development and ecological preservation.
The Green Solutions Group and Standard Chartered Bank expressed their dedication to leveraging their respective expertise to drive sustainable finance and green investments in Vietnam. This strategic partnership is expected to play a pivotal role in shaping the future landscape of clean energy projects in the region.
Standard Chartered Bank has committed to reaching net zero carbon emissions in its own operations by 2025, and in financing activity by 2050. The Bank aim to provide $300 billion in sustainable finance by 2030.
As the global community converges at COP28 to address the pressing challenges of climate change, this MOU exchange signifies a beacon of hope and a tangible commitment towards a more sustainable and resilient future.