Standard Chartered Vietnam pioneers cross-border carbon trading deal
VOV.VN - Standard Chartered Vietnam has successfully structured and executed a cross-border environmental commodities transaction with Sustainability Investment Promotion and Development Joint Stock Company (SIPCO), a private company in Vietnam specialising in developing sustainable projects.
SIPCO has been implementing its own funded projects to deliver free cookstoves and water purifiers in Laos and Cambodia in exchange for carbon credits.
These are eligible carbon credits under Phase 1 of the Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA) framework established by the International Civil Aviation Organisation. SIPCO has registered its Verified Carbon Units (“VCU”) on Verra, an internationally recognised carbon credit standard.
“This landmark cross-border carbon trading transaction exemplifies our commitment to advancing sustainable finance across ASEAN. We continue to catalyse finance where it matters most, supporting our clients across the region to achieve inclusive, low-carbon growth”, said Patrick Lee, CEO, Singapore and CEO, ASEAN & South Asia, Standard Chartered.
“Our partnership with SIPCO is a testament to our pioneering role in Vietnam’s sustainable finance landscape, unlocking climate solutions that support a resilient and responsible transition across the region. This transaction reinforces our dedication to supporting clients on their decarbonisation’s journey. We are proud to be at the forefront of these efforts that foster a more sustainable future for Vietnam and beyond”, said Nguyen Thuy Hanh, CEO and Head of Banking & Coverage, Standard Chartered Vietnam
“We are proud to be the first organization in Asia to successfully develop carbon credits that meet the CORSIA standard. The participation of Standard Chartered Vietnam in this transaction not only reaffirms its leadership position but also demonstrates a significant advancement in innovation and capability in driving and expanding the market for high-quality carbon credits”, said Hoang Anh Dung, President of SIPCO.
This milestone further strengthens Standard Chartered’s sustainable finance platform in Vietnam and across ASEAN, expanding its capabilities across carbon trading, sustainable and transition finance.
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