HSBC will mobilize US$12 billion for projects to respond to climate change and cutting greenhouse gas emissions to ‘net zero’ in Vietnam, Co-CEO of HSBC Asia-Pacific Surendra Rosha said at a meeting with Vietnamese Deputy Prime Minister Tran Hong Ha on Wednesday.

Deputy PM Ha lauded HSBC’s proposal, which was first announced in January this year, affirming that Vietnam recognizes the importance of the bank’s pioneering digital transformation and green transition policies.

He also noted that the Vietnamese government is committed to achieving net-zero emissions by 2050 and has adopted a set of specific solutions to fulfill that commitment.

Vietnam, together with G7 countries and other international partners, has officially adopted a political declaration on the establishment of the Just Energy Transition Partnership (JETP). 

JEPT parties have pledged to spend $15.5 billion attracting investment from banks and enterprises for energy transition, Ha shared, adding that HSBC should consider putting capital toward ensuring the efficiency of these projects.

In response, Rosha said HSBC plans to carry out many programs aimed at reaching net-zero greenhouse gas emissions, digital transformation, and hitting green transition targets.

In particular, HSBC and the Vietnamese Ministry of Natural Resources and Environment have discussed specific solutions to support enterprises in operating in a 'green' manner and joining in the just energy transition sector.

“HSBC wants to share experience in green and digital transformation with Vietnam as it has been supporting many enterprises in various countries to reach net-zero greenhouse gas emissions,” Rosha said.

In appreciation of HSBC’s pioneering strategy in just energy transition, Deputy PM Ha shared his expectation that the bank will become a ‘credit filter’ and actively involved in projects aimed at developing green industrial parks and zero-emission factories, as well as reducing emissions in transport, construction, industrial production, afforestation, and renewable energy projects.

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