16 October 2018
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Wednesday, 08 November 2017 10:26

US$ 100 billion of finance for developing counties to combat climate change

Written by  Chimwemwe Njoloma
Evans Njewa, Chief Environmental Officer. Pic By Chimwemwe Njoloma. Evans Njewa, Chief Environmental Officer. Pic By Chimwemwe Njoloma.

Bonn, November 8, Mana:  HSBC, a private bank in the United States of America has pledged to provide US$100 billion in financing and investment to all developing countries by 2025 to help combat climate change.

The pledge comes amidst the 23rd Conference of Parties (COP 23) that is under way in Bonn, Germany where nations including Malawi are negotiating for greater investments in projects that will help combat climate change.

Malawi being a member of the Least Developing Countries (LDCs) are making deliberate efforts in negotiating for big projects that will bring change to nations to through COP23.

COP23 has created a platform for LDCs to come together and formulate national adaptation plans by the year 2020 and implement them to address medium and long term climate change adaptation needs to support vulnerable people and communities.

Chief Environmental Officer in the Department of Environmental Affairs, Evans Njewa attending the conference, said the pledge has come at the right time when Malawi and other LDCs need it most as they fight for grants through COP23.

“We have seen of late the American bank, the HSBC , one of the international accredited implementing entities in the Green climate fund announcing to provide $100 billion towards the reduction of carbon, fossil fuels encouraging investments in green building which is a very welcome idea especially to the leas affected countries like Malawi,” he pointed out.

He said this has sends a signal to all LDCs to develop strategies that would attract such grants to support loss and damage for impacts associated with climate change such as extreme weather events, droughts, and cyclones that have greatly affected nations.

Njewa called upon all stakeholders in the country to develop strategies as soon as possible to benefit in the US$100 billion facility.
“Let me call upon all private and non- private sectors to engage in programs that will help combat the impact of climate change in the country and reduce the challenges that we are facing such as lack of food to due droughts and other related effects,” he said.

Njewa added that it is high time the nation at large started investing in clean technologies that will help combat climate change impacts.

The HSBC pledge will involve direct lending, bonds and project finance, alongside new products in asset management.


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