BIDV becomes a recognized organization of the Green Climate Fund (GCF)

(Dan Tri) - On October 28, the Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV) became the first commercial bank in Vietnam to become a recognized organization of the Green Climate Fund (GCF).

BIDV has submitted its application to become a GCF accredited organization since 2023. Over the past 2 years, BIDV has completed its capacity documents and participated in bilateral working programs with GCF within the framework of international forums such as the GCF Asia- Pacific Regional Dialogue (2023), COP28 Conference in Dubai (2023), P4G Summit in Hanoi (2024).

At the same time, GCF also organized an in-depth appraisal program to examine BIDV 's governance capacity and sustainable finance implementation. Through the appraisal rounds, BIDV not only demonstrated appropriate governance capacity, but also demonstrated a strong commitment to climate finance, meeting GCF's strict standards.

At the 43rd meeting of the Green Climate Fund, the GCF Council announced BIDV as a recognized organization of the GCF.

Speaking at the event, Ms. Achala Abeysinghe - Director of Investment Services of GCF - said: “We are pleased to welcome the Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV) as a recognized organization of the Green Climate Fund (GCF).

This new partnership reinforces GCF’s commitment to working with leading national banks and opens up more opportunities to expand access to climate finance in Vietnam.”

As a leading bank in promoting sustainable growth, BIDV identifies green growth as one of the three pillars of the bank's "Big, strong, green" development strategy.

In particular, BIDV clearly orients green transformation in 3 aspects, demonstrating the role of a leading financial institution in Vietnam, including being the main force in mobilizing and providing capital for green transformation, leading and creating green transformation; pioneering in the greening process, saving energy and resources, reducing internal emissions; leading and promoting the green transformation process of customers and partners...

By mobilizing preferential green capital from GCF, BIDV can provide good interest rate loans for projects to reduce emissions and adapt to climate change.

This is a promising first step, opening a new era for BIDV in implementing sustainable finance and replicating ESG practice models according to international standards, actively contributing to the implementation of green growth and sustainable development tasks and goals of the country.

Mr. Le Ngoc Lam - General Director of BIDV - said: "Becoming a recognized organization of the Green Climate Fund (GCF) marks an important turning point in BIDV's sustainable development journey.

As a GCF accredited institution, BIDV will have more preferential capital to finance renewable energy projects, increase climate resilience, encourage green innovation in Vietnam, promote just transition in industries and contribute to improving the lives of vulnerable communities.”

As of September 30, BIDV's green credit balance reached more than VND81,000 billion (Photo: BIDV).

BIDV's efforts to implement sustainable finance have initially achieved remarkable results. As of September 30, BIDV's green credit balance reached more than VND81,000 billion, funding 1,623 customers and 2,143 projects/business plans, accounting for 3.7% of BIDV's total outstanding loans.

This result not only reflects BIDV's strong commitment to sustainable finance, but also makes its mark on the market with an increasingly rich and effective ecosystem of sustainable financial products. With the leading green credit market share in Vietnam, BIDV has enough potential to effectively support the implementation of GCF's mission and climate goals in Vietnam.

The Green Climate Fund (GCF) is the world’s largest climate finance fund established under the Paris Agreement, tasked with supporting developing countries to mobilize and realize their Nationally Determined Contributions (NDCs), towards a low-emission and climate-resilient development model. To date, the fund has received a total commitment of 30 billion USD from 51 member countries, of which Vietnam pledged 1 million USD at the COP21 Conference in 2015 and will make its contribution in 2020.

GCF implements its activities through cooperation with a diverse network of accredited organizations, including government agencies, multilateral financial organizations and institutions such as World Bank, IFC, UNDP, ADB, EIB, AFD… and banks such as HSBC, Deutsche Bank, KDB, MUFG, SMBC…

Source: https://dantri.com.vn/kinh-doanh/bidv-tro-thanh-to-chuc-duoc-cong-nhan-cua-quy-khi-hau-xanh-gcf-20251030175141001.htm