Latest news with #greeninvestments
E&E News
28-05-2025
- Business
- E&E News
Projects in ex-colonies should count toward EU climate goal, Portugal says
BRUSSELS — Portugal wants to meet its share of the European Union's climate target with green investments in its former colonies. The demand comes as the European Commission prepares its proposal for a blocwide 2040 climate goal. Several governments already want the EU executive to let them count international carbon credits — regulated permits that pay for climate-friendly projects abroad — toward the new target. Lisbon, however, is going one step further. Advertisement Portuguese Environment Minister Maria da Graça Carvalho said the country should also get credit for planet-warming emission cuts that result from Portugal's investments in renewable energy projects in Cabo Verde or São Tomé and Príncipe — the country's former colonies. That should occur, she added, even if those projects are not regulated under the global carbon credit regime.
Zawya
15-05-2025
- Business
- Zawya
Development Bank of Nigeria visits African Development Bank to benchmark sustainability and resilience into financing
A delegation of eight officials from the Development Bank of Nigeria (DBN) recently concluded a five-day study visit to the African Development Bank headquarters ( in Abidjan, Cote d'Ivoire. The visit, jointly hosted by the Climate Change and Green Growth Department and the Financial Sector Development Department, focused on sharing tools and best practices for integrating climate and sustainability considerations into the institution's financial operations Through the African Financial Alliance on Climate Change (AFAC) ( the African Development Bank offers technical assistance to African financial institutions to help them manage climate-related risks and unlock opportunities in green investments. Africa remains highly vulnerable to the impacts of climate change, with climate-induced losses projected to reach up to $50 billion annually by 2030, equivalent to as much as 15% of the continent's GDP. Despite this vulnerability, Africa holds immense potential for sustainable investment, leveraging its abundant natural capital, including land, minerals, and renewable energy resources. Mobilizing domestic capital towards long-term sustainable investments is key to realizing this potential. Public development banks are instrumental in steering capital toward priority sectors by de-risking innovative and sustainable investments. Batchi Baldeh, Director of Power Systems Development and DBN board member, remarked, 'Through targeted investments, the African Development Bank is committed to strengthening institutions such as the Development Bank of Nigeria to foster youth employment and drive resilient and sustainable development.' Dr. Anthony Nyong, Director of the Climate Change and Green Growth Department, emphasized the importance of peer learning among African institutions. 'The Bank's Ten-Year Strategy serves as a framework to deepen regional and global partnerships and expand access to concessional financing from mechanisms such as the Green Climate Fund. To this end, the Bank provides technical assistance to regional and national financial institutions to create green jobs and build resilience into their operations,' he said. Ahmed Attout, Director of Financial Sector Development at the Bank, said: 'The Development Bank of Nigeria remains a key strategic partner of the Bank in the implementation of flagship programs that are geared at expanding access to finance for underserved sections of the society, especially Women and Youth in Nigeria. Visits like this reinforce our partnership and strengthen our impact, and we look forward to building on the opportunities identified this week'. Jeremiah Dan-Okayi, DBN Head of Strategy and Policy, remarked that this visit was timely for the implementation of its green finance strategy. Beyond technical knowledge, the visit also opened new avenues for collaboration to strengthen our role in building a more resilient and inclusive financial system in Nigeria", he said. The African Development Bank continues to rally partners through the African Financial Alliance on Climate (AFAC) to provide technical assistance to regional financial institutions to increase financing for sustainable investments. Distributed by APO Group on behalf of African Development Bank Group (AfDB).
