BRICS Bank Approves $811m Clean Energy Funding

The BRICS New Development Bank, covering Brazil, Russia, India, China, and South Africa, has approved its first funding for renewable energy projects confirming that a total of $811 million will be directed to banks and institutions in the bloc.

Brazil’s development bank, ‘Banco Nacional de Desenvolvimento Economico e Social’, is slated to receive $300 million, the largest amount of funding so far, and the credit line will be used for setting up 600 MW of renewable energy capacity.Other beneficiaries of the fund include:

  • India’s Canara Bank, which will receive $250 million with $75 million earmarked for 500 MW of renewable energy projects.
  • South African electricity public utility Eskom which will receive $180 million of funding to go towards upgrading its transmission network and the implementation of renewable energy projects with a total capacity 500 MW.
  • Shanghai Lingang Hongbo New Energy Development in China, will also receive $81 million to finance a 100 MW rooftop solar power project.
    Providing capital to support solutions to the world’s most pressing challenges in different sectors of the economy should be paramount to all stakeholders, today.

Source

South Africa signs Paris Agreement on Climate Change

UN Secretary-General Ban Ki-Moon, acting in his capacity as the depository of the Paris Climate Change Agreement convened a high-level […]

#Philanthropy: JPMorgan Donates towards Flood Relief

JP Morgan Chase & Co., a leading global financial services firm, has pledged a $50,000 donation from its foundation to […]

Leave a Reply

%d bloggers like this: