Standard Chartered will act as a financial advisor for the development and operation of TGS's 260MW Tra Vinh green hydrogen production plant in Tra Vinh province, Vietnam's first green hydrogen plant in the Mekong Delta.
This agreement follows the signing of a Memorandum of Understanding (MoU) between Standard Chartered and The Green Solutions (TGS) at the 28th United Nations Climate Change Conference (COP28) in Dubai in December 2023, witnessed by Prime Minister Pham Minh Chinh and Standard Chartered Group Chief Executive Bill Winters.
The formalization of this agreement demonstrates the commitment of Standard Chartered and TGS to support the Vietnamese government's goal of achieving net zero emissions by 2050.
Through this partnership, both parties will work towards providing the necessary financial solutions to successfully realize the project.
At the signing ceremony, Michele Wee, CEO of Standard Chartered Vietnam, shared: "The agreement with TGS showcases Standard Chartered's expertise in creating innovative and tailored financial solutions for clients to help them achieve their sustainable development goals. The bank is committed to working closely with clients and partners to promote sustainable financing that benefits the environment and contributes to sustainable development in Vietnam."
At COP28, Standard Chartered Bank and the Vietnamese government signed five Memoranda of Understanding (MoU) totaling nearly 3 billion USD in sustainable finance to support domestic businesses in achieving their sustainable development goals.
Standard Chartered is committed to expanding and providing up to 300 billion USD in sustainable financing by the end of this decade.