HSBC Vietnam recently announced its commitment to arrange up to $12 billion of direct and indirect sustainable financing for the country and its corporate sector by 2030. The funding aims at supporting the Vietnamese government’s aspiring climate goals and the 2021 UN Climate Change Conference (COP26) commitment to become a net zero economy by 2050.

The bank, in its letter to the Government of Viet Nam, has expressed its plan to offer financial and expert support to promising and critical green and sustainable projects by corporations in Vietnam that play a key role in decarbonising the economy.

This forms part of HSBC’s broader net zero pledge to help customers transition their business models and decarbonise by prioritizing $750 billion to $1 trillion in finance and investment by 2030, according to a newspaper report in the country.

According to HSBC’s report ‘Tackling the next crisis’, Ho Chi Minh City is among many cities in Asia (besides Mumbai, Shanghai, Bangkok and Jakarta) that are being increasingly threatened by rising sea levels.

The World Bank has also cautioned that Vietnam is one of the top five countries likely to be affected by climate change, forecasting that climate change will reduce the country’s national income by up to 3.5 per cent by 2050.

Source: Fibre2Fashion News Desk (DS)