In a pledge to continue improving on its commitment to climate change mitigation and adaptation action, the Eastern and Southern African Trade and Development Bank (TDB) has signed a memorandum of understanding (MoU) with the United Nations Environment Programme (UNEP).
The MoU establishes a framework of cooperation through which the two institutions can collaborate in a number of areas critical to the global environmental agenda.
“While Eastern and Southern African economic growth continues to be strong, there is great potential to harness clean energy in the region,” UNEP deputy executive Joyce Msuya says, highlighting that UNEP and TDB are partnering to support wide dissemination of clean energy technologies and unlock the financial resources needed to meet the challenges of the 2030 Agenda for Sustainable Development.
In terms of clean energy finance, TDB and UNEP will work to enhance investment opportunities for both public and private finance to support the dissemination of clean energy technologies.
This will include supporting the early-stage development and project finance of renewable energy projects, as well as the development of financing mechanisms to allow access to smaller-scale sustainable energy and energy-efficient appliances for household and productive use.
Additionally, the two institutions will cooperate on supporting eligible TDB member States to access Green Climate Fund resources to enable them to adapt to the changing climate and develop along a low-emission pathway.
“As a member of the International Development Finance Club, a leading global group of development financiers advancing the Sustainable Development Goals (SDGs) and climate finance, TDB works closely with its partners to implement the 2030 SDG Agenda, as well as the Paris Climate Agreement,” TDB president and CEO Admassu Tadesse comments.
He adds that, with global partners such as UNEP, TDB expects more people to “seriously realise the international commitment to support Africa to grow and develop sustainably”.
TDB COO Michael Awori adds that TDB’s commitment is evidenced “by the fact that 70% of [its] power sector portfolio is in renewable energy. With this record, we are the right partner with whom to co-finance and support more sustainable growth and development projects across various sectors.”