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Banks may assess pollution risks before granting loans

Banks will assess environmental pollution risks when granting loans to projects in some industries, according to a State Bank of Vietnam (SBV) draft regulation.
Banks may assess pollution risks before granting loans ảnh 1Banks have implemented some credit programmes with priority given to solar energy projects. (Photo: nangluongvietnam.vn)

Hanoi (VNS/VNA) - Banks willassess environmental pollution risks when granting loans to projects in someindustries, according to a State Bank of Vietnam (SBV) draft regulation.

Under the regulation, which was drafted bythe SBV and the International Finance Company (IFC), the industries includethermal power, paper and pulp, fabric dyeing, seafood processing andbattery makers.

These industries have high levels ofpollution and can easily cause negative impacts on people and the surroundingenvironment.

The regulation aims to implement aSBV scheme that targets enhancing the awareness and corporateresponsibility of commercial banks about environmental protection andclimate change response so as to direct their credit into eco-friendly projectsand programmes.

Under the scheme, banks will have togradually increase the ratio of loans to prioritised green industries andsectors.

They must also develop internalregulations on environmental and social risk management in their lendingactivities.

Climate change and environmental pollutionare global problems. Therefore, investment, trading and consumption ofgreen products is encouraged by the Government.

Considered a field with much potential, greencredit is being promoted by banks, especially with real estate credit beingtightened. Some banks have implemented credit programmes with priority given tohigh-tech agriculture, solar energy and environmentally friendly projects.

At HDBank, for example, besides financing 7trillion VND (300.4 million USD) to solar projects, the bank has also launcheda 10 trillion VND (428.67 million USD) credit package for businesses operatingin high-tech agriculture and clean agriculture across the country, withpreferential interest rates of 1 percentage point lower than that ofnormal loans.

Nam A Bank, in conjunction with theGlobal Climate Partnership Funds (GCPF), has implemented its Green CreditProgramme to finance production and business projects whichfeature environmental protection and socially friendly consumption, withpreferential interest rates of about 5-6 percent per year.

According to Tran Ngoc Tam, General Directorof Nam A Bank, this was the first step for the bank in the communityproject titled ‘I choose to live green’.

According to experts, amid achanging world economy, green credit is an inevitable evolution ofthe global financial industry. This is also an important field topromote sustainable development and realise Vietnam’s green growthstrategy.-VNS/VNA
VNA
#environmental pollution risks #granting loans #State Bank of Vietnam #International Finance Company #eco-friendly projects #green industries #Nam A Bank #Global Climate Partnership Funds #Vietnam News Agency #vietnamplus

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