Never miss a story

Get subscribed to our newsletter


×
Most Vietnamese worry about air pollution, but it's cited most highly as a concern in Hanoi, which is closer to the polluting factories of southern China. VOA

A division of the World Bank has just made its first so-called “green loan” to a bank in Vietnam, meant for businesses to help with environmental problems in a nation that has one of the world’s highest emissions rates relative to its economy. Vietnam has a fast growing economy but also has a fast growing pollution problem.

The loan package of $212.5 million to VPBank was announced this month under the Green Loan Principles, a voluntary set of international guidelines to make loans for eco-friendly projects, such as to promote solar power or biodiversity.


In explaining why it packaged the loan, the World Bank’s International Finance Corporation (IFC) said that Vietnam is the most “carbon intensive” nation in the Asia Pacific region, after China and Mongolia. Carbon intensity measures how much carbon dioxide a nation emits for every dollar of gross domestic product (GDP) it generates. In other words Vietnam’s economy costs a lot of greenhouse gas, and the IFC hopes loans like this one can help reduce the pollutants.


A man withdraws money from an ATM at a branch of Vietnam Prosperity Joint Stock Commercial Bank (VPBank) in Hanoi. VOA

This meets a “strategic objective of increasing financing for climate-smart initiatives to boost environmentally sustainable development in emerging markets with high potential of greenhouse gas emissions reduction such as Vietnam,” Rosy Khanna, the IFC financial institutions group director for Asia Pacific, said.

She said there is “high interest” among investors to provide a “source of capital while helping the country tackle climate change at the same time.”

Climate problems mean Vietnam has a business opportunity that the IFC values at $753 billion for investors looking to tackle them.

The Southeast Asian nation has one of the highest GDP growth rates in the world but that growth is causing worry about the potential impact on the environment. Vietnamese citizens are increasingly worried about everything from the plastic rubbish that is ending up in the ocean, to the toxic chemicals that could be polluting their food and water supply. Khanna said Vietnam has a lot of potential to reduce emissions, but the reason emissions are so high is that the nation is increasingly generating electricity through coal, the dirtiest source of energy.


Property developers are building enclosed communities in Vietnam where sustainability is part of the design, from motion-detecting lights to pollution warning systems. VOA

VPBank, officially known as the Vietnam Prosperity Joint Stock Commercial Bank, said it would use the loan to invest in alternatives.“

This is also an opportunity to help VPBank make positive contributions to national objectives by providing financial solutions to the segment of corporate customers investing in eco-friendly projects, such as renewable energy, national energy security, energy efficiency, green buildings, green transport, [and] waste treatment,” the bank said in a press release.

The IFC has also collaborated with businesses to facilitate green finance in other developing nations such as Costa Rica, Egypt, India, Mexico, and Ukraine.

Also Read- Over 50 Crore Indians are Now Using Smartphones: Report

It said the loans in Vietnam would likely be used for green infrastructure, in addition to energy projects, particularly involving small or medium size businesses.

VPBank has committed to setting up a management system to ensure accountability for the green loan, allowing it to record and monitor the types of green projects the loan finances, as well as allowing for third party verification. (VOA)


Popular

People stroll early morning at the Mumbai promenade.

Prior to the brutal second wave of the pandemic, Prime Minister Narendra Modi had cautioned civil services probationers against developing the despised "babu mindset". He gave the invaluable piece of advice while addressing civil services probies at the well-known Lal Bahadur Shastri National Academy of Administration in Mussoorie via video-conferencing. He also outlined the keystone mantra of "minimum government and maximum governance".

With the recent collapse of the under-construction flyover in Bandra Kurla Complex which injured 14 labourers, it seems like the Brihanmumbai Municipal Corporation (BMC) has got the PM's keystone mantra all wrong. The recent flyover collapse isn't an isolated incident, in fact, a month ago a similarly bemusing incident took place in the eastern part of the suburbs.

Keep Reading Show less
Pixabay

Kashmir's natural splendour, with its beautiful valleys and towering mountains, is really unlike anywhere.

Along with the undeniable natural beauty, the Kashmir valley has developed a reputation for adventurous activities like trekking, hiking, and river rafting. Kashmir has maintained its charm, allowing us to time-travel into beautiful destinations which make one forget about the stress and worries of life. The hikes in Kashmir offer adventurers to go on a self-discovery trip through nature's lap over the mountains while taking in the breathtaking scenery that surrounds them on their journey. In addition to the hikes, there are many thrilling adventure activities, like rock climbing, rope climbing, etc. Trekking across the region of mountains and lakes will allow you to experience living in the "Paradise on Earth," and you wouldn't want to return to your regular life after that.

The following are some of the finest hiking destinations in Kashmir:

Keep Reading Show less
Photo by Wikimedia Commons.

Pind Daan at Jagannath Ghat, Kolkata.

The Pitru Paksha starts after the Full Moon day, and this day marks the beginning of the waning phase of the Lunar cycle. This event is roughly of 15-day period, and is of great significance. From this day, rituals like Tarpan or Tarpanam and Shradh are carried out to pay respects to dead relatives and ancestors.

It is believed that from the very first day till the last day, the unhappy souls of the deceased return to the Earth to see their family members. So, in order to ensure that the dead attain Moksha, i.e. to get liberation, family members of these souls quench their thirst and satisfy their hunger by performing the Pind Daan, which includes offering food consisting of cooked rice and black sesame seeds. The literal meaning of Pind Daan is the act of satisfying those who no longer exist physically.

Keep reading... Show less