Within the framework of the Annual Conference organized by the WB and IMF, the delegation attended the plenary session and the summary session on the world economic situation, issues of global concern such as world economic prospects, global financial stability, poverty reduction, handling the middle-income trap, data banks, comprehensive economic growth, enhancing aid effectiveness, job creation, climate change, etc.
In addition, the Agribank delegation attended a number of discussion sessions and seminars such as: international cooperation development, the world financial system, foreign exchange management, commercial banking governance and supervision, global economic trends such as green finance and sustainable development... Notably, the session related to: Debt-for-Climate Swap, a typical case study in Barbados, emerging markets need trillions of USD each year for climate change response, but resources are still scarce. The debt-for-climate swap is a Barbados initiative that changes public-private partnerships, in which organizations that commit to implementing solutions to mitigate or adapt to climate change will have their debts reduced or forgiven. This is a promising model that can scale up global climate finance transformation without increasing debt.
The delegation also attended a session on capacity development - Unlocking climate action through climate policy analysis: Transformative climate policies will provide an opportunity for climate investments at the scale and pace needed to achieve countries’ ambitious climate targets. The Climate Policy Diffusion (FAD) Climate Policy Assessment (CPD) system has been deployed to support countries in identifying climate fiscal policy options and inform the development of bold reforms under the Recovery and Sustainable Development Facility (RST)-funded programmes. The CPD emphasises the priority of short- and medium-term policies for climate change mitigation and adaptation, thereby paving the way for countries’ long-term climate resilience. In addition, the Delegation also attended the Session on Agriculture - Food System as a Driver of Sustainable Growth and Job Creation and Voice of Climate - Green Jobs and Future Employment Trends...
Agribank delegation attends the 2024 Annual Meeting co-organized by the WB and IMF in Washington DC, USA
During the working trip, the delegation worked with Mr. Swami Venkataraman - Global Director of Sustainable Finance and senior experts of Moody's Ratings on Moody's perspective on international policies and regulations on sustainable development and assessed the impact of those policies and regulations on Vietnam in general and Agribank in particular. Mr. Swami Venkataraman emphasized the impact of ESG risks on the credit rating results of an organization in the current context, the criteria that Moody's uses to assess ESG risks, and shared the experiences of banks in the region and around the world on how to manage ESG risks, as well as focus on sustainable financial development. During the working session, Mr. Swami Venkataraman highly appreciated the results on the impact of ESG risks on the credit rating results (CIS) of Agribank. With a CIS-2 score for Agribank, he assessed this as a high score compared to banks with the same credit rating results that Moody's assessed.
Agribank delegation worked with the sustainable finance department at Moody's headquarters in New York, USA.
Also during the trip, Agribank worked with Mr. Schub Jeffrey - Director of Sustainable Development of Wells Fargo Bank (WF) to learn about the experience of implementing ESG at WF. Mr. Schub Jeffrey shared that WF has built a sustainable development framework and established a team of 23 personnel to implement ESG from 2021 with the goal of financing 500 billion USD for sustainable development by 2030. To achieve the above ambitious goal, WF has appointed a Director of Sustainable Development as well as established a specialized department to implement ESG globally. Mr. Schub Jeffrey emphasized that the secret to WF's success in the journey of sustainable development transformation is to balance financial goals and sustainable goals, in which new business opportunities are created through the development of sustainable products and services and supporting its customers to achieve green and sustainable transformation goals. WF also shared about the US Government's support in tax support policies for businesses that practice good carbon reduction and WF hopes to cooperate with Agribank in developing sustainable interbank products and services such as green trade finance, issuing international green bonds... To effectively implement ESG and sustainable development at Agribank in particular and Vietnamese banks in general, Mr. Schub Jeffrey recommended the important role of the Board of Directors in issuing sustainable development frameworks to facilitate the implementation of sustainable products and services, and at the same time, it is necessary to focus on building a system to monitor and evaluate implementation results in a timely and transparent manner.
| Currently, Agribank is actively implementing actions and solutions to realize its strong commitment to ESG management practices. In particular, Agribank focuses on building systems of policies, internal regulations and organizational structures oriented towards sustainable development; researching and developing green products and services; prioritizing funding for projects with positive impacts on the environment and society; actively implementing comprehensive finance, especially for rural, mountainous and island areas... The participation of Agribank's senior leadership delegation at the IMF/WB Annual Meeting and working sessions with senior leaders in charge of sustainable development of Moody's Ratings and Wells Fargo Bank demonstrates the strong message of Agribank's Board of Directors on the journey of green transformation and sustainable development. The World Bank is actively supporting Agribank in the field of green transformation and sustainable development through the development of a draft Green Financial Framework as a basis for Agribank's green bond issuance, defining criteria for evaluating green projects and providing comments on Agribank's green bond issuance plan, and reviewing the list of potential projects using capital from green bonds. |
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Source: https://www.agribank.com.vn/vn/ve-agribank/tin-tuc-su-kien/tin-ve-agribank/hoat-dong-agribank/doan-cong-tac-agribank-lam-viec-voi-mot-so-to-chuc-quoc-te-doi-tac-tai-my-ve-esg-va-tai-chinh-ben-vung
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