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Oct 14, 2011

Environmental Affairs, DBSA to establish 'green' funding mechanism

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The Ministry of Water and Environmental Affairs and the Development Bank of Southern Africa (DBSA) would sign a memorandum of agreement (MoA) to identify the resource requirements for a green programme, with a specific focus on a proposal to establish a funding mechanism for green economy initiatives.

Minister Edna Molewa said on Friday that a draft MoA has been prepared and would be signed soon.

The MoA called for the implementation of programmes through the development of a portfolio of green projects in the DBSA.

“This is meant to address infrastructure-related mitigation and adaptation and generally moving to climate resilience,” Molewa said at the DBSA Knowledge Week on greening infrastructure programmes.

It was critical for the country to address the dire need for early funding and prefeasibility work as it “grappled” with new concepts, technologies and transitions, particularly one to a green economy, she said.

The DBSA, the Ministry and other key stakeholders have developed a proposal to manage the large amounts of funds through a Green Financing Mechanism (GFM).

The GFM would be a means to attract, manage and direct international and national financing for transitioning South African projects, from research and development to investment to green economy initiatives.

Edited by: Mariaan Webb
Creamer Media Senior Researcher and Deputy Editor Online
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