Great discussion at the #ABD24 session yesterday, ‘The key role of pan-African banks and multilateral financial institutions’. To describe the current situation Michael Curran, Head of carbon and environmental products at Vitol started his remarks on a positive note saying, ‘the solutions are there and feasible, but they need to be implemented. For example, $4 per person per year between now and 2030 would bring clean cooking to 1bn people in Africa.' ‘This goes to the heart of our recent announcement at the IEA summit on #cleancooking when we announced our intention to commit $550m to clean cooking solutions by 2030.’ As the discussion moved on to the role of carbon markets in Africa, Michael explained, ‘#Carbon markets provide the opportunity for #Africa to finance its development’ ‘The mechanisms and resources are there; you just need a price for carbon and an efficient market to realise the benefits.’ There was robust discussion on what impact carbon projects and the expansion of the African carbon market might have on the continent’s ability to industrialise. Michael was of the opinion that, ‘Whilst markets are voluntary, there will often be a focus on nature-based projects, but once regulation is brought in, there’s an opportunity for nations to determine a framework for projects which include carbon credits based on things like industrial efficiency and #emissions reduction. This in turn would accelerate and incentivise development.’ You can read more about our carbon activities here https://bit.ly/45HZnBK #Commodities #CarbonMarkets #Energy #EnergyTransition
Vitol’s Post
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It is 'truly shocking' that only two Middle East banks have signed up to the United Nations-sponsored Net Zero Banking (NZB) Alliance, writes Andrew Cunningham for AGBI - Arabian Gulf Business Insight That is the same number that have signed up from sub-Saharan Africa - yet we are talking about a part of the world where seven countries together account for a quarter of global oil production. However, new standards are coming in that will hold banks accountable for reporting on their climate change credentials, and they will have to step up their net zero commitments and fast, Cunningham writes. Who are the two banks that have signed up to the alliance? Find out in the link below. #banks #netzero #climatechange #Unitednations #Gulf #GCC #Mena #banking
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A step in the right direction
🌍 Breaking News 🌍 The Inter-American Development Bank proudly introduces IDB CLIMA: - The first financing tool among multilateral banks to incentivize nature & climate achievements. - Offers a 5% grant discount on loans when goals are achieved. - Aids countries in enhancing environmental measurement, reporting, & verification (MRV). - A total of $1B in loans is set for the pilot, aiming to support varied environmental and developmental challenges. Let’s champion a green future together! #IDB #Sustainability #ClimateAction #Innovation
IDB’s Innovative Financing Tool Rewards Results on Nature and Climate
iadb.org
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Kenya and World Bank unveil carbon market guidebook for enterprises by FurtherAfrica Kenya and the World Bank have unveiled a guidebook in order to boost the participation of local enterprises in carbon markets. Stephen
Kenya and World Bank unveil carbon market guidebook for enterprises
furtherafrica.com
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Development banks should remove shackles holding back lending to poor countries https://lnkd.in/gP4GNDUb #Finance #Banking #Multilaterals #ClimateChange #ESG #ViewPoint #SustainableFinance
Multilaterals must lend more to fight climate change
theasset.com
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The Central Bank of The UAE (CBUAE) and the International Monetary Fund met in Abu Dhabi to discuss various issues, including green financing, ahead of the #Cop28 meeting which will be held in the Emirates in November. One of the topics of the 19 July discussion was how the two organisations could work together to achieve progress on sustainable financing at the global climate conference. The two parties also discussed the CBUAE’s agenda for green financing and how both organisations could align with the Emirates’ strategy for sustainable growth. Read more >> Greencb.co/452kCN3
UAE and IMF discuss green financing ahead of Cop28 - Green Central Banking
https://greencentralbanking.com
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UNEP FI has released the second version of Guidelines for Climate Target Setting for Banks. This new version is based on a large number of banks' experiences of applying the guidelines, setting and implementing climate targets, and financing transitions in different sectors. It also reflects changes in science, regulation, data, and methodologies in the last few years. Certainly, the Islamic banking sector can also benefit and learn from other banks operating in different jurisdictions about climate targets, strategies, and financing experiences. #climatechange #sustainability #islamicbanking #sustainablefinance #sustainabledevelopment #islamicfinance #cibafi
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#GuaranteesAtWork! "Under Room to Run Sovereign (R2RS), a $2 billion guarantee is provided to the Bank by the UK Government ($1.6 billion in cover) and City of London insurers ($400 million). By assuming a portion of the credit exposure on a part of the Bank's sovereign portfolio, R2RS enables the Bank to provide up to an additional $2 billion of climate finance to Africa by 2027, split between adaptation and mitigation." https://lnkd.in/dsTpxDwj
African Development Bank and UK Announce Mauritius As a Beneficiary of Unlocked Climate Finance From the Landmark Room to Run Sovereign Program [announcement]
msn.com
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Kenya and World Bank unveil carbon market guidebook for enterprises by FurtherAfrica Kenya and the World Bank have unveiled a guidebook in order to boost the participation of local enterprises in carbon markets. Stephen
Kenya and World Bank unveil carbon market guidebook for enterprises
furtherafrica.com
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How does your bank perform when it comes to climate change? Just Share SA evaluates the top 5 banks in South Africa. #banks #climatechange #banking #fossilfuel #finance #southafrica https://lnkd.in/gWKHJgMu
South Africa: how cool is your bank when it comes to the climate crisis? - Green Building Africa
https://www.greenbuildingafrica.co.za
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In a concerning move, Standard Bank Group, one of the primary financiers of the #climatecrisis, has recently urged The World Bank to explicitly support the utilization of #fossilfuel gas in Africa - viewing it as a 'transition fuel'. The narrative that positions gas as a 'transition fuel' is not only misleading but also detrimental to our collective efforts to combat the climate crisis. Gas is neither a clean nor a green solution. Its extraction and use continue to contribute significantly to #greenhousegasemissions and #environmental #degradation . We must challenge this narrative and shift the focus towards real, sustainable solutions. #renewableenergy sources like #windenergy, #solarpower, and #hydropower offer a truly #green alternative. Banks and lenders have the power to shape our energy landscape. Their #investment decisions can either propel us towards a #sustainablefuture or anchor us in outdated, harmful practices. It's imperative that they invest in #cleanenergy projects that support a #sustainable and #equitablefuture for all, especially for the communities most affected by #climatechange. Let us hold #financialinstitutions accountable for their role in fueling the climate crisis. https://lnkd.in/deQdzA6Q
Stop pussyfooting about funding gas projects, says Standard Bank chair | Business
news24.com
