OCB joins the Green Commercial Bank Alliance

(Chinhphu.vn) - On September 9, Orient Commercial Joint Stock Bank (OCB) officially became a member of the Alliance for Green Commercial Banks, a global initiative led by IFC, a member of the World Bank Group, bringing together prestigious banks and financial institutions in the region and around the world.

OCB leadership representatives take souvenir photos with the first group of members of the Green Commercial Bank Alliance - Photo: VGP/PD

With this move, OCB has become one of the first three Vietnamese banks to join the Alliance. This is an important milestone affirming OCB's commitment to prioritizing the focus on linking business growth with sustainable development goals, contributing to accompanying the Vietnamese Government in realizing the Net Zero 2050 goal while creating sustainable and stable values ​​for the domestic and regional communities.

Joining the Alliance opens up many opportunities for OCB to access knowledge sources of green financial investment, advanced climate risk management tools as well as learn international experiences from IFC - a member organization of the World Bank Group and members and partners of the Alliance. Through training programs and connections with pioneering banking networks in the region, OCB will gradually improve its product development capacity, apply international standards in appraisal and risk management of green projects.

This is not only a step forward to help OCB expand cooperation, but also creates conditions to increase access to global sustainable financial opportunities, creating a foundation for the bank to develop more sustainably in the long term.

OCB focuses on green credit towards sustainable development

Mr. Andrew William James Life, Chief Risk Officer (CRO), representing OCB's leadership at the event, shared: "Joining IFC's Green Commercial Banking Alliance is a strategic step in OCB's journey to become the leading green and digital bank in Vietnam. This partnership will accelerate our efforts to integrate sustainable development into all aspects of business operations, while supporting customers in the just transition to a low-carbon economy."

Over the years, OCB has proactively expanded its green credit portfolio, prioritizing capital for projects in key areas such as high-tech agriculture, green buildings and renewable energy. This approach not only creates economic value for businesses and customers, but also contributes to the national greenhouse gas emission reduction process.

Compared to other banks in the system, OCB makes a difference thanks to digital innovation and sustainable development orientation. With a strong focus on green finance, comprehensive support for small and medium enterprises (SMEs), and a "digital-first" operating model, OCB is building a long-term growth platform that harmonizes economic, social and environmental values.

In recent years, OCB has been prioritizing capital for clean energy projects, high-tech agriculture and SME enterprises - Photo: VGP/PD

In 2024, OCB signed a strategic cooperation agreement with IFC to receive consulting support on green banking transformation. In the first phase of this cooperation, IFC allocated about 95 million USD to OCB to support lending activities that meet internationally recognized green credit standards. These preferential loans have been deployed to businesses in areas such as renewable energy, environmentally friendly high technology and other sustainable-oriented industries.

By joining the Green Commercial Bank Alliance, OCB continues to affirm its role as a responsible commercial bank, accompanying the Government and the business community in the goal of realizing the Net Zero 2050 commitment, while spreading sustainable values ​​to the market and society.

The Green Commercial Banking Alliance is a platform to accelerate green commercial banks in emerging markets. It is a global initiative designed and managed by the International Finance Corporation (IFC), a member of the World Bank Group. It operates as a select membership platform to connect commercial banks in emerging markets with global financial institutions and key industry leaders to promote green banking in countries that need it most through knowledge exchange, thought leadership and community building.

PD

Source: https://baochinhphu.vn/ocb-gia-nhap-lien-minh-ngan-hang-thuong-mai-xanh-102250910165455593.htm