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World-Wide Fund for Nature (WWF) Zambia has implored commercial banks to assist in financing green project, which are critical in containing climate change.
Fund Country Director, Nachilala Nkombo, said commercial banks had opportunities to boost revenue from climate change activity by providing support towards green projects.
She said in an interview on Wednesday that massive amounts of capital and new financial products would be required to fund the transition to a lower-carbon economy, creating fresh demand for bank services.
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“New financing will be required annually to fund the transition. Banks that identify these opportunities can help reduce their overall risks and, potentially, boost their returns.
“There is a massive green finance gap that must be filled. we would like to see financing channelled into green initiatives delivered, demonstrating that actual pledges are being met. We anticipate closing deals in order to begin implementation,” Nkombo said.
She noted that identifying a significant investor who shared the goals of the fund and ensuring that the human touch was not lost in the chase of profit or financial returns would be a success for all.
She said the stakes of climate change were high for many industries, adding that physical risks were beginning to materialise, regulatory pressures increasing, new opportunities emerging – and investors were demanding more transparency.
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