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 fossil-fuel power projects that are seen as a major risk to global plans to tackle climate change. South Africa, the continent’s biggest greenhouse gas emitter, gets most of its power…

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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 footprint.   “Visa is committed to creating a more sustainable future,” said Al Kelly, chairman and chief executive officer of Visa. “Our new net-zero commitment and enhanced efforts across our…

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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 at providing concessional loans for both sovereign and non-sovereign operations plus a CAD 10 million (US$7.95m) grant contribution for complementary technical assistance. The African Development Bank will administer the fund.…

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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 president and chief executive, Ralph Mupita, said MTN had a role to play in Africa and the Middle East to contribute meaningfully on much-needed actions to mitigate the impact of…

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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) and is the second CFM-managed facility to receive a commitment from the EU, joining the renewable energy focused Climate Investor One (CI1) which also benefitted from EU support. CI2, which…

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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 million, comes from the African Development Fund (ADF), the concessional window of the AfDB while the rest of the package, US$7.72 million, comes from Pillar 1 of the Transition Support…

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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 Acumen. It is earmarked for Acumen’s energy access relief facility programme in sub-Saharan Africa. The second funding will be managed by the African Development Bank (AfDB) and is worth US$10…

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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 Ki-moon, co-chair of the Global Center on Adaptation, Ghana’s President Nana Akufo-Addo and his Kenyan counterpart, President Uhuru Kenyatta. Also, in attendance were; IMF Managing Director Kristalina Georgieva, Akinwumi Adesina,…

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AFD, AfreximBank launch finance facility to support climate change initiatives in Africa

AFRICA – Agence Française de Développement (AFD) and the African Export-Import Bank (AfreximBank) have announced a new facility agreement for a US$177 million financing programme that will support initiatives focused on combating climate change in Africa. The US$150 million facility will specifically support Afreximbank in the implementation of its new climate finance strategy which will target green, low carbon, socially inclusive and more resilient investments across Africa. As part of its financing programme, AFD has made available a €500,000 grant to carry out a technical assistance programme which will support…

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Delta Airlines to invest US$1bn on carbon emissions reduction, sustainability

UNITED STATES – United States carrier, Delta Airlines, has said that it will be committing US$1 billion over the next 10 years on its journey to mitigate all emissions from its global business. The airline said it would invest in driving innovation, advancing clean air travel technologies, accelerating the reduction of carbon emissions and waste, and establishing new projects to mitigate the balance of emissions.  “As we connect customers around the globe, it is our responsibility to deliver on our promise to bring people together and ensure the utmost care…

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