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Time of India
20-05-2025
- Business
- Time of India
India, other BRICS nations call for increased concessional financing for low-carbon energy transition
India along with BRICS countries has called for increased concessional and low-cost financing from developed nations to help emerging nations transition towards low-carbon energy usage. Union Minister for Power Manohar Lal is leading a delegation to attend the BRICS Energy Ministers' Meeting which began on May 19 in Brazil. Apart from India and Brazil, BRICS countries include Russia, China, South Africa, Egypt, Ethiopia, Indonesia, Iran and the United Arab Emirates. "Affirming each country's right to determine its own energy transition path and pace, the ministers advocated efficient use of all energy sources and called for increased concessional and low-cost financing from developed to developing nations," a power ministry statement said on Tuesday. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Nguyen Cu Trinh: Unsold Furniture Liquidation 2024 (Prices May Surprise You) Unsold Furniture | Search Ads Learn More The energy ministers also highlighted the role of the New Development Bank (NDB) in promoting sustainable energy infrastructure , especially through local currency financing. At the Energy Ministers' meeting, the participants called for stronger partnerships, supported open, fair, and non-discriminatory international energy markets, and encouraged the use of local currencies in energy trade, the statement said. Live Events The ministers also advocated for the adoption of fair, transparent, and consistent guidelines for assessing carbon intensity, energy classification, and mutual recognition of taxonomies and certifications. Underscoring energy security as vital for socio-economic development, they highlighted the importance of market stability, resilient infrastructure, diversified energy sources, and critical minerals for clean technologies . In his address, Lal underscored the vital role of fossil fuels in the global energy mix -- especially for developing countries -- and urged greater cooperation to promote their cleaner and efficient use through technologies such as coal gasification, carbon capture and storage, and green chemical innovations. BRICS energy ministers reaffirmed their commitment to strengthening energy security and advancing UN Sustainable Development Goal 7 (SDG 7), focusing on universal electricity access, clean cooking, and tackling energy poverty. "They emphasised the need for just, inclusive, and balanced energy transitions in response to climate change," the statement said. Highlighting India's achievements in the energy sector over the past decade, Lal said the country has increased its electricity capacity by 90 per cent to reach 475 GW in 2025 and aims to achieve 900 GW by 2032. Besides, India is launching a domestic carbon credit market, and invites interested players from across the globe for collaborations, Lal said. As per the statement, the BRICS ministers have also reaffirmed the goal to double energy efficiency by 2030 and emphasised enhanced cooperation and knowledge sharing.
Zawya
24-03-2025
- Business
- Zawya
The International Islamic Trade Finance Corporation (ITFC) Signs EUR 40 Million Trade Finance Agreement to Strengthen Comoros' Energy Security
The International Islamic Trade Finance Corporation (ITFC) ( the trade finance arm of the Islamic Development Bank (IsDB) Group, signed a EUR 40 million trade finance agreement with the Union of Comoros to support the country's energy sector. In line with the US$330 million three-year Framework Agreement signed in September 2024, this facility will enable Société Comorienne d'Hydrocarbures (SCH), as the executing agency, to import refined petroleum products and liquefied petroleum gas (LPG), ensuring a steady and reliable energy supply for businesses and households. This financing is a crucial step in maintaining energy security, economic resilience, and social stability in the country by providing up to 100 percent of the country's estimated 100,000 cubic meters of annual petroleum imports requirement. The agreement was signed by H.E. Ibrahim Mohamed Abdourazak, Minister of Finance, Budget, and Banking Sector of the Union of Comoros, and Abdihamid Abu, General Manager, Trade Finance, ITFC. Commenting on the signing, Abdihamid Abu, stated: 'This financing reaffirms ITFC's long-standing commitment to Comoros. By ensuring a stable energy supply, we are not only safeguarding essential services and industries but also driving broader economic growth, fostering resilience, and supporting the nation's long-term development agenda.' Since 2008, ITFC has extended a total of US$657 million in financing to the Union of Comoros, with SCH serving as the executing agency in 26 trade finance operations. This latest agreement builds on that strong track record, further reinforcing ITFC's strategic partnership with Comoros while supporting energy security (SDG 7), industrial growth (SDG 9), and economic stability (SDG 8). As part of its broader mission, ITFC remains dedicated to enhancing trade finance accessibility and strengthening economic resilience, in its member countries. By securing critical imports such as petroleum products, ITFC ensures that Comoros can sustain its economic momentum, protect jobs, and enhance the quality of life for its citizens. Distributed by APO Group on behalf of International Islamic Trade Finance Corporation (ITFC). Contact Us: Tel: +966 12 646 8337 Fax: +966 12 637 1064 E-mail: ITFC@ Social Media: Twitter: Facebook: LinkedIn: About the International Trade Finance Corporation (ITFC): The International Islamic Trade Finance Corporation (ITFC) is a member of the Islamic Development Bank (IsDB) Group. It was established with the primary objective of advancing trade among OIC member countries, which would ultimately contribute to the overarching goal of improving socio-economic conditions of the people across the world. Commencing operations in January 2008, ITFC has provided US$83 billion of financing to OIC member countries, making it the leading provider of trade solutions for these member countries' needs. With a mission to become a catalyst for trade development for OIC member countries and beyond, the Corporation helps entities in member countries gain better access to trade finance and provides them with the necessary trade-related capacity-building tools, which would enable them to successfully compete in the global market.
