( RAWBANK) - Rawbank, the DRC's leading bank, announces a historic $2 million investment in two Improved Cookstoves projects in partnership with Vitol, aimed at reducing 6 million tonnes of CO2 over ten years. As COP29 opens in Baku, with strengthened commitments from multilateral development banks to mobilize $120 billion a year in climate finance by 2030, this project marks a turning point for maximizing environmental and social impacts in Africa. Rawbank's commitment illustrates how commercial banks can play a decisive role in the transition to a sustainable economy, by mobilizing resources for projects with high environmental impact and supporting global climate goals.

A pioneering governance model in the DRC, serving climate finance

In 2023, Rawbank is introducing a new governance model in the DRC, the Carbon Advisory Committee. Made up of scientists, financiers, carbon entrepreneurs and sustainable development experts, this committee will oversee all initiatives, ensuring their compliance with the most demanding international standards. This mechanism works in synergy with the Climate Finance Desk, launched at the same time, whose mission is to facilitate access to international financing for carbon project developers. Together, these entities transform the DRC's environmental ambitions into concrete, measurable projects.

Mustafa Rawji, Managing Director of Rawbank, explains: "The launch of our Climate Finance Desk a year ago was aimed at positioning the DRC as a key player in climate finance. Today, this landmark financing proves that a commercial bank in the DRC can play a decisive role in the voluntary carbon market, estimated at $2 billion worldwide. This is a major step forward, demonstrating our ability to mobilize resources for projects with a high environmental impact and to shape the future of sustainable finance in our country."

Thibaut Deckers, Head of the Climate Finance Desk at Rawbank, comments: "This first carbon financing is not just a milestone for us, but tangible proof of feasibility. By supporting a local project developer, we are demonstrating our ability to master the risks specific to projects in the DRC, thanks to our in-depth knowledge of the terrain."

A commitment aligned with global priorities

With its vast tropical forests, the DRC plays an essential role in regulating the global climate, absorbing up to 1.5 billion tonnes of CO2. This investment by Rawbank and Vitol comes at a strategic time, as COP29, which opened in Baku on November 11, focuses on redefining financial commitments for the climate. The aim is to exceed the previous agreement of $100 billion a year, by mobilizing greater resources to support the energy transition.

About RAWBANK

Rawbank has been supporting the development of the Congolese economy for 22 years. It offers state-of-the-art products and services to its 500,000+ corporate, SME and individual customers through a network of 100 sales outlets in 19 provinces, including Greater Katanga, Greater Kasai, the two Kivus, Equateur and Central Kongo. A representative office in Brussels and 300 ATMs add to this extensive branch network. With over 1,800 employees, Rawbank has a market share of over 30%. Strength, profitability and sustainability are Rawbank's priorities in consolidating its growth strategy. Its efforts have been rewarded with the African Bankers Award 2022 and 2024 for the best regional bank in Central Africa, a Moody's CAA 1 rating, and ISO/IEC 20000 and ISO/IEC 27001 certifications. Partners who place their trust in RAWBANK include: IFC, BAD, TDB, BADEA, Shelter Africa, AGF, etc.

For more information, visit our website: www.rawbank.com