Stanbic Bank and IFC forge partnership to drive climate financing

Stanbic Bank Ghana and the International Finance Corporation (IFC) have signed a partnership agreement to mobilize climate financing. The agreement was signed at Stanbic Heights in Accra on Friday October 19.

The partnership, which is the first in Ghana, supports the country’s transition to a low-emissions and climate resilient economy and will expand access to green financing and improve the quality of life for Ghanaians.

By the terms of the agreement, IFC will support Stanbic through trainings and advisory support to build the bank’s knowledge in identifying and assessing climate-aligned asset classes in areas such as clean energy, clean transport, climate-smart agriculture, energy efficiency, and green buildings.

Kwamina Asomaning, Chief Executive of Stanbic Bank, who signed the agreement on behalf of the bank expressed excitement and optimism about the prospects of the agreement.

He said: “Climate change is an important issue with implications for Africa’s growth. We intend to play a supporting role in a just energy transition for the continent. Stanbic is committed to ensuring that our business strategy is consistent with and contributes to society’s needs and priorities. It is a responsibility to actively partake in the cause for environmental sustainability in a manner that creates decent work opportunities and social inclusion. In so doing, we must acknowledge Ghana’s negligible historical contribution to global emissions”.

According to Mr. Asomaning, “The Standard Bank Group, the parent company of Stanbic Ghana, made climate change an imperative before it even became attractive to do so. We were one of the initial signatories to the equator principles and we have always screened our projects to ascertain how they impact the environment. We have always sought to balance issues of climate and Africa’s energy security issues. There are many communities that do not have access to sustainable energy. That is why it’s important to put people and communities at the center of the transition. We do hope to that we can continue to set the pace.”

Kyle F. Kelhofer, IFC’s Senior Country Manager for Ghana, Liberia, and Sierra Leone signed on behalf of the IFC. Mr. Kelhofer shed light on key interventions that are to be enacted within the framework of the agreement. In his address, he stated:

“We are thrilled to embark on this collaborative journey alongside Stanbic Bank. Our partnership holds the promise of comprehensive endeavors that will encompass knowledge-sharing, extensive training, and the exchange of invaluable experiences and innovative ideas. Together, we will be actively engaged in identifying and harnessing opportunities arising from climate change, while steadfastly striving for the resounding success of this partnership.”

“I commend Stanbic Bank for stepping forward to be a pioneer in this program in Ghana. IFC looks forward to engaging more Ghanaian banks as the challenge of climate change is universal and the business opportunities in tackling it are limitless,” he added.

The IFC and Standard Bank Group recently closed a USD 250 million sustainable term loan. The facility, concluded with the International Finance Corporation (IFC), marked yet another significant step towards entrenching Standard Bank’s sustainability commitments.