This archive report was first published on 9 November 2019.
On Tuesday, the Eastern and Southern African Trade and Development Bank (TDB) took a significant step in its commitment to climate change mitigation and adaptation by signing a Memorandum of Understanding with the UN Environment Programme (UNEP). The MOU was signed on November 12, 2019.
The partnership aims to enhance investment opportunities for both public and private finance to support the dissemination of clean energy technologies. This includes 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.
According to Joyce Msuya, Deputy Executive Director of UNEP, "While Eastern and Southern African economic growth continues to be strong, there is great potential to harness clean energy in the region. 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."
As part of the partnership, TDB and UNEP will also 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.
Admassu Tadesse, TDB President and Chief Executive, emphasized the bank's commitment to sustainable development, stating, "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."
Michael Awori, TDB Chief Operating Officer, added that "our commitment is evidenced by the fact that 70% of our power sector portfolio is in renewable energy. With this track record, we are the right partner with whom to co-finance and support more sustainable growth and development projects across various sectors."
