MIGA issues US$98.3m guarantee to boost sustainable refinancing of solar power plants in Egypt

EGYPT – Virtuo Finance has secured US$98.3 million guarantee from Multilateral Investment Guarantee Agency (MIGA), an international financial institution, to boost the sustainable refinancing of six operational solar power plants in Egypt’s Benban Solar Park (Power Plants), the largest photovoltaic (PV) solar park in Africa. The refinancing will reduce financial costs, improve overall financial viability, and generate cost savings to…

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Climate change could trigger up to a 3% loss in Morocco’s GDP by 2050, new study finds

MOROCCO – Climate change could trigger up to a 3% loss in GDP by 2050, hindering Morocco’s economic growth prospects, a new study from the Intergovernmental Panel on Climate Change (IPCC) has found. The estimates are part of a comprehensive review of climate change-related research released by the Intergovernmental Panel on Climate Change (IPCC) last in February 2022. A 1°C…

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Nedbank to stop funding new coal mines beginning 2025

SOUTH AFRICA- Financial institution Nedbank, will stop financing new thermal coal mines from 2025 and cut direct funding of new oil and gas exploration projects with immediate effect, the bank has announced amid growing pressure on banks from climate activists. South Africa’s lenders, some of the biggest banks on the continent, are facing pressure from environmental groups to stop funding…

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Visa Pledges to achieve net-zero emissions by 2040

WORLD – Global payments technology company Visa, has announced a new global commitment to reach net-zero emissions by 2040, and that it achieved carbon neutrality across its operations in 2020. Visa also outlined plans to become a climate-positive company through new partnerships and expanded initiatives to support sustainable commerce and the transition to a low-carbon economy beyond the company’s own…

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AfDB, Canada launch CAFC fund for climate change related projects

AFRICA – African Development Bank (AfDB) has signed an agreement with the Government of Canada to formalize the Canada–African Development Bank Climate Fund (CACF), a transformative special fund aimed at providing concessional loans to climate change-related projects with a strong gender-responsive component. The fund will be capitalized through a combination of a CAD 122.9 million (US$104.8 million) repayable contribution, aimed…

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MTN commits to zero greenhouse gas emissions by 2040 to contribute to a sustainable future

SOUTH AFRICA – Africa’s biggest mobile provider MTN, has committed to net zero greenhouse gas emissions (GHG) by 2040 amid global momentum to meet the Paris Agreement’s 1.5°C limit. MTN said in a press release that it had set science-based targets to achieve a 47 percent average reduction in absolute emissions for scope 1, 2 and 3 by 2040. Group…

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Climate Investor Two secures US$23m from EU to support its climate change adaptation sectors

AFRICA – The European Union (EU) has committed EUR19.7 million (US$23.89m) to Climate Investor Two (CI2), the second facility under the management of Climate Fund Managers (CFM), to expands the EU’s support for sustainable infrastructure in climate change adaptation sectors across global emerging markets. This investment in CI2 is channelled through the EU’s partner bank, the Dutch Development Bank (FMO)…

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AfDB grants Burundi US$20m for climate resilience of farmers

BURUNDI – The African Development Bank (AfDB) has granted US$20.55 million to support farmers affected by climate change phenomenon. The project to support the sustainable development of agriculture and livestock value chains in Burundi (PADCAE-B) is expected to start soon after the initiative received funding of USD 20.55 million from the African Development Bank (AfDB). Part of the financing, US$12.83…

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Green Climate Fund approves US$60m for climate change resilience projects in Africa

AFRICA – The Green Climate Fund (GCF) board of directors has released US$60 million for four climate adaptation and mitigation projects in East and West Africa. The decision was announced during its 27th meeting, held virtually from 9th to 13th November 2020. The lion’s share, US$30 million or 50% of the total GCF allocation to Africa goes to the environmental organisation…

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Global Center on Adaptation opens Africa office to boost fight against climate change

AFRICA – The Global Center on Adaptation, a global body that works towards creating a climate resilient future, has opened a regional office for Africa to support efforts aimed at accelerating the continent’s efforts to combat climate change. The launching ceremony of the regional office located was attended virtually by Several regional and global leaders including 8th UN Secretary-General Ban…

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