Standard Chartered to provide advisory services for TGS' green hydrogen project
VOV.VN - Standard Chartered Bank Vietnam and TGS Tra Vinh Green Hydrogen Corporation (TGS), a member of The Green Solutions Group, recently announced they are entering a binding project finance advisory services agreement.
Through the agreement, Standard Chartered will leverage its financial expertise to act as a financial advisor on the development and operation of TGS’s 260MW Tra Vinh green hydrogen manufacturing project in Tra Vinh province. The project represents Vietnam's first green hydrogen plant in the Mekong Delta.
The agreement follows the signing of a Memorandum of Understanding (MoU) between Standard Chartered and The Green Solutions Group at the 28th Conference of the Parties (COP28) in Dubai in December 2023, which was witnessed by Vietnam's Prime Minister Pham Minh Chinh, and the Bank’s Group Chief Executive Bill Winters. The formalisation of the agreement solidifies Standard Chartered and TGS’s joint ambition to deliver on the Vietnamese government’s goal of reaching net zero emissions by 2050.
Through this partnership TGS, a pioneer in the green hydrogen and ammonia sector in Vietnam since 2021, and Standard Chartered, through its finance expertise, capabilities and global network, aim to successfully deliver the financing solutions required to realise the project.
Michele Wee, CEO of Standard Chartered Vietnam, said “As a leading international cross-border bank, we are committed to delivering sustainable, inclusive growth and prosperity for our markets. The Agreement with TGS illustrates Standard Chartered’s expertise in creating bespoke and innovative financing solutions for our clients that support the breadth of their sustainability ambitions”.
“We are steadfast in our commitment to working closely with our clients and our partners to mobilise sustainable finance to where it matters most and to contribute to the sustainable development of Vietnam”, she added.
Winnie Huynh, Founder and CEO of TGS, emphasized that “We are delighted to have concluded this agreement which formalises and strengthens TGS’s existing partnership with Standard Chartered, which we share a common understanding and commitment towards a common good cause, which is reducing carbon emissions and boosting economic growth in the Mekong Delta region. This enhanced cooperation with Standard Chartered marks a key milestone in our drive to fight climate change.”
At COP28, Standard Chartered and the Vietnam government exchanged five Memorandums of Understanding (MoUs), valued at approximately US$3 billion in sustainable financing to support local businesses achieve their sustainability goals.
Standard Chartered is committed to expanding the scale and reach of sustainable finance, with plans to mobilise US$300 billion in sustainable finance by the end of this decade. It aims to achieve net zero in its financed emissions by 2050, and in its own operations by 2025.
