HCMC – Standard Chartered Vietnam has structured and executed a cross-border environmental commodities transaction with Sustainability Investment Promotion and Development Joint Stock Company (SIPCO).
SIPCO, a private company in Vietnam specializing in developing sustainable projects, 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 Organization.
SIPCO has registered its Verified Carbon Units (“VCU”) on Verra, an internationally recognized carbon credit standard.
“This landmark cross-border carbon trading transaction exemplifies our commitment to advancing sustainable finance across ASEAN. We continue to catalyze 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.
“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.
