The ESG Phenomenon: Citigroup, Vietnam, US

Editorial Staff 17 May 2022

The ESG Phenomenon: Citigroup, Vietnam, US

The latest developments in the ESG space.

Citigroup, Vietnam, US Governments
Citigroup has saluted moves by the US and Vietnamese governments to share information and technical knowhow to cut low-emission development and reach “net zero” objectives on C02 by 2050.

A recent handover of a memorandum of understanding was attended by Vietnamese Prime Minister Pham Minh Chinh and US Secretary of Commerce Gina Raimondo.

“This MoU will promote regular exchanges between the US private sector and the Ministry of Natural Resources and Environment on ESG topics, specifically to support Vietnam’s climate action commitment at COP26 under the United Nations Framework Convention on Climate Change (UNFCCC),” Ramachandran AS, Vietnam Citigroup country officer, said.

Earlier this year, Citigroup unveiled its initial plan to reach net zero emissions by 2050. In 2021, the US bank also co-founded the Net Zero Banking Alliance, which it said will help establish an industry framework for decarbonizing the banking sector.

Environmental, social and governance (ESG)-themed investing remains one of the dominant trends in wealth management. This publication has its own “Wealth For Good” awards programme that is designed to highlight what firms do in the space. We continue to track this sector, including controversies such as “greenwashing.”

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