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Green finance vital necessity for building sustainable economy: Carboni Bank

Green finance vital necessity for building sustainable economy: Carboni Bank
10 Dec 2023 12:02

The COP28 has witnessed intensive negotiations and discussions on building a sustainable green economy capable of withstanding the challenges posed by climate change. The conversations delved into various concepts related to redirecting funding towards environmentally friendly products, aligning with the broader goals of sustainable development, particularly "green finance."

Green finance involves supporting projects that actively reduce carbon emissions and ensure the optimal use of environmental resources. This is achieved by encouraging financial institutions to prioritise eco-friendly lending practices.

Dr. Amir Gerges, Founder and CEO of Carboni Bank and Climate Action and Carbon Markets Instructor at the American University of Cairo, explained that "green financing" connects investment with elements related to environmental conservation, emphasising its necessity in facing the climate change repercussions.

In a statement to the Emirates News Agency (WAM) during his participation in COP28, Dr. Gerges underscored the importance of leveraging green finance for those working in diverse sectors such as agriculture, ecotourism, and industry. This, he noted, would significantly benefit activities aimed at environmental protection.

He outlined that Carboni Bank acts as an intermediary between international financial institutions and startups in the Arab Republic of Egypt. The bank facilitates loans for small and medium-sized projects initiated by startups, supporting them in their transition towards eco-friendly practices to contribute to environmental conservation.

Dr. Georges highlighted specific initiatives supported by Carboni Bank for environmental preservation, including the adoption of solar panels and the use of eco-friendly fertilisers and pesticides that do not harm bees—an essential element in food security and flower pollination. These measures contribute to the preservation and enhancement of agricultural areas.

As part of the company's broader commitment, $2 million has been allocated to fund initiatives to conserve coral reefs in the Red Sea.

Source: WAM
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