The Board of the Green Climate Fund (GCF) recently approved funding for three proposals from the African Development Bank (AfDB). The projects all together worth over US$110 million were approved at the GCF’s 21st Board Meeting held in October 2018 in Manama, Bahrain.Read More
Kenya was recently lauded for leading Africa in trying to find solutions to threats posed by climate change through policy development, devolution and establishment of the Climate Change Council, among other initiatives.Read More
The Belgian development agency Enabel has organised an international climate conference in Brussels to run from 9 to 10 October 2018. The conference which has attracted more than 170 participants from Belgium and from abroad will debate on plans to integrate climate change into the development strategies of secondary cities, including cities in the partner countries of the Belgian development cooperation.Read More
Growthpoint Properties is the first South African company to issue a Green Bond on the Johannesburg Stock Exchange (JSE). The Growthpoint Green Bonds, for terms of five, seven and ten years, were issued and listed on the JSE on 9 March 2018.Read More
If the fight against climate change is not won in Africa, it cannot be won anywhere else. This was pointed out by Akinwumi Adesina, President of the African Development Bank (AfDB) while signing a partnership agreement with the Green Climate Fund.Read More
The Green Climate Fund (GCF) concluded its last Board meeting of 2017 by approving eleven new projects and programmes valued at USD392.86 million to assist developing countries respond to climate change.Read More
The Green Climate Fund is helping to level the playing field of climate action with the recent launch of its first gender guide to climate finance.Read More
UK – British Climate Change and Industry Minister, Claire Perry, recently confirmed that the sale of the Green Investment Bank (GIB) to Macquarie Group Limited has now been completed.
The £2.3 billion deal ensures that all the taxpayer funding invested in GIB since its creation, including set-up costs, has been returned with a gain of approximately £186 million.
As well as fully meeting the government’s objectives, the deal secures the future of the GIB with an ambitious new owner committed to growing the business. The Edinburgh office will be home to a new revenue-generating business as well as providing services to the green energy portfolios of both Macquarie and GIB in the UK.
The British government decided that moving it into the private sector now would free it from the constraints of public sector ownership allowing it to increase investment in green infrastructure in an on-going transition to a green economy. GIB’s independent Board supported the government’s decision to sell the business to Macquarie.
In order to build on the company’s success within the private sector, Macquarie and GIB announced that the company will now be known as the Green Investment Group (GIG) so that it will be able to make overseas investments.
Climate Change and Industry Minister Claire Perry said, “We led the world in setting up the Green Investment Bank and it is now being copied by others. Now that it’s in the private sector, it will be able to operate on an international level to tackle the global challenge of climate change. It is also perfectly placed to help us finance green initiatives for our Clean Growth Plan and realise the commitments set out in the Paris Agreement.”
The green ‘special share’ held by the Green Purposes Company Limited also comes into force now. Five independent trustees have the power to approve or reject any proposed changes to GIG’s green purposes in the future.
The government will continue to hold an interest in a portfolio of a small number of GIB’s existing green infrastructure investments. These assets will continue to be managed by GIB until they can be sold on in a way which returns best value for taxpayers’ money.
Thulani Kuzwayo, public sector managing executive of the Green Building Council South Africa (GBCSA) has been appointed Regional Chair of the Africa Regional Network – a group of Green Building Councils working to advance green building within the region.Read More
The Government of Gabon and the Central African Forest Initiative (CAFI) signed a Letter of Intent for 18 million US dollars to protect the country’s forests and accelerate the fight against climate change.Read More