Investac Bank Limited has just announced its partnership with Proparco Development Finance Company to scale up its climate investments.
According to a report published by Estate Intel, the partnership was in a bid to implement the Transforming Financial Systems for Climate programme in South Africa.
It stated, “The programme which has a total worth of about $625 million is aimed towards encouraging local finance companies to get involved in climate-change related projects in Africa and Latin America and Caribbeans.
“Proparco, therefore, on behalf of the AFD Group has provided a climate finance-dedicated credit facility, worth $80 million to Investec Bank Limited. This makes Investec the second South African Bank after FirstRand Bank Limited, to join the programme.”
According to Proparco, within a South African context and in line with the Agence française de dévelopment Group’s broader objectives, TFSC aims to support South Africa’s pathway to a low-carbon economy and climate-resilient society.
It added, “South Africa has set an ambitious goal of reducing carbon emissions by 42 per cent by 2025 and diversifying its electricity production away from coal by 2050.”
Restating the commitment to the inclusive energy transition, the Investec Group’s Head of Sustainability, Tanya Dos Santos-Ford, noted that the company remained steadfast in their commitment to a fair, efficient and inclusive energy transition.
He said, “This senior credit facility enables us to provide further finance and support for both our clients as they progress their climate ambitions and for our country, as we help to build a more climate resilient and equitable South Africa.”
SOURCE: PUNCH
