Arab Today, arab today commonwealth sets up 1bn green finance facility
Last Updated : GMT 14:07:45
Arab Today, arab today
Arab Today, arab today

To support environmental projects

Commonwealth sets up $1bn green finance facility

Arab Today, arab today

Arab Today, arab today Commonwealth sets up $1bn green finance facility

Malta's Prime Minister Joseph Muscat (R)
Valletta - Arab Today

Maltese Prime Minister Joseph Muscat unveiled Friday a new $1 billion Commonwealth Green Finance Facility to support environmental projects within the 53-nation bloc as the race against climate change intensifies.

The CGFF will start with a working group, bringing together representatives from countries including Australia, Britain, Canada, Malaysia and Nigeria, and financial companies including HSBC and PricewaterhouseCoopers, the facility said in a statement.

The $1 billion (950-million-euro) facility would be capitalised initially through sovereign contributions and then through so-called green bonds, and is expected to be fully operational by the end of 2016.

The project was announced during the first day of the 2015 Commonwealth summit, which is being seen as a stepping stone towards a UN climate conference in Paris on Monday.

The CGFF hopes to "improve the bankability of green projects in Commonwealth countries, including the Commonwealth's small island states, by providing risk cover and credit enhancement," the statement said.

Green bonds -- which raise funds for specific climate-related programmes or assets -- have shot up in popularity over the past couple of years, with big businesses catching on to the profit to be gained by jumping into bed with the green economy.

- VHS vs Betamax -

On Wednesday, HSBC issued its first green bond, raising 500 million euros ($531 million), joining banks such as the National Australia Bank and Norway's DNB ASA.

At the moment, the World Bank and the European Investment Bank are the main market players, but the field is rapidly expanding: according to Bloomberg, sales of green bonds over the past five years totalled over $84 billion (79.3 billion euros).

HSBC -- which said its funds will go towards renewable energy projects as well as water management and climate change adaptation -- has called for green bond projects to be standardised.

"We need consistence on green bonds. At the moment it's like working with both VHS and Betamax," Sherard Cowper-Coles, senior adviser to the bank's chairman, quipped Thursday in a reference to rival videotape formats.

Former diplomat Cowper-Coles urged companies at the summit to put aside fears of "being accused of greenwash" and embrace an area of "serious mainstream business".

"We need to construct the market architecture that will cause the great global investors to move their capital... if humanity is to have any kind of decent future," he said.

Prince Charles, attending the Commonwealth summit along with his mother Queen Elizabeth II and her husband Prince Philip, tackled the subject at a business forum in Malta on Thursday.

He said his International Sustainability Unit had been working on "a blue economy development framework" to advise those countries whose future economic growth relies on the health of the world's ocean ecosystems.

And he congratulated the Seychelles government in particular on their decision to issue a "blue bond" -- an aquatic version of the green bond which the prince hopes will help the Commonwealth's small island states, which are the most vulnerable to global warming.
Source: AFP

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today commonwealth sets up 1bn green finance facility Arab Today, arab today commonwealth sets up 1bn green finance facility

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today commonwealth sets up 1bn green finance facility Arab Today, arab today commonwealth sets up 1bn green finance facility

 



Arab Today, arab today
Arab Today, arab today Designer Aql Faqih aspires to innovation

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation
Arab Today, arab today Malaysia Airlines picks new CEO

GMT 12:54 2017 Saturday ,21 October

Malaysia Airlines picks new CEO
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Residents get glimpse of Raqa in ruins

GMT 07:10 2017 Saturday ,21 October

Residents get glimpse of Raqa in ruins
Arab Today, arab today Hiring not part of Alibaba pledge

GMT 11:26 2017 Wednesday ,18 October

Hiring not part of Alibaba pledge
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today World's deepest lake in peril

GMT 15:54 2017 Friday ,20 October

World's deepest lake in peril
Arab Today, arab today Ex-French minister Dati wants tough action

GMT 10:54 2017 Thursday ,19 October

Ex-French minister Dati wants tough action
Arab Today, arab today Delhi braces for pollution 'airpocalypse'

GMT 16:07 2017 Friday ,20 October

Delhi braces for pollution 'airpocalypse'
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today EU raids automaker BMW

GMT 11:06 2017 Saturday ,21 October

EU raids automaker BMW
Arab Today, arab today Sweden to get biggest car factory

GMT 14:10 2017 Friday ,20 October

Sweden to get biggest car factory
Arab Today, arab today Actress Mona Zaki praises husband’s role

GMT 08:15 2017 Thursday ,19 October

Actress Mona Zaki praises husband’s role
Arab Today, arab today Massacre fears spark race

GMT 19:09 2017 Thursday ,19 October

Massacre fears spark race

GMT 08:57 2017 Wednesday ,18 October

Actress Shery Adel happy for Egypt’s qualification

GMT 18:15 2017 Monday ,16 October

British actress becomes fifth woman

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam

GMT 16:00 2017 Wednesday ,18 October

Climate-disrupting volcanoes helped topple

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 09:56 2017 Friday ,20 October

Privacy Groups Warn of Perils

GMT 08:04 2017 Thursday ,19 October

Second US judge orders freeze

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 20:46 2017 Thursday ,19 October

Qualcomm files lawsuits in China to ban iPhones

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday