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U.S Development Finance Corporation Considers Committing $100 Million to Tackle Climate Change

Thursday, 22 April 2021 16:36
U.S Development Finance Corporation Considers Committing $100 Million to Tackle Climate Change

(Ecofin Agency) - The United States International Development Finance Corporation (DFC) is considering deploying $100 million or more for projects related to climate change mitigation, adaptation, and solutions. 

"Climate change is negatively impacting health and productivity, food production, and critical infrastructure around the world, but people in developing countries are particularly vulnerable to the impacts from climate change,” said David Marchick, DFC Chief Operating Officer.

The announcement aligns with a global movement of development finance institutions. The latter consists either of supporting initiatives aimed at reducing the effects of climate change or better yet disengaging from all investments that have a negative impact on the climate.

In this vein, Norfund, the Norwegian sovereign wealth fund, has decided to no longer invest in any project likely to accelerate world climate change. Similarly, during its recent spring meetings, the World Bank Group Presented a plan in this direction. There are also investors such as Allianz, AXA, Goldman Sachs, and Macquarie who plan to collaborate in emerging markets with the aim to speed up the financing of necessary climate investments.

Ironically, the institution remains connected to oil and gas projects. Indeed, available data shows that out of the $1.65 billion commitments it declared since the beginning of this year, the DFC has dedicated nearly $1.5 billion to a gas development project in Mozambique.

Solange Che



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ECOFIN AGENCY offers a selection of articles translated from AGENCE ECOFIN. Founded in 2011, Agence Ecofin is a leader in Francophone Pan-African economic news, particularly in West and Central Africa. The agency publishes daily news on nine African economic sectors: Public Management, Finance, ICT, Agribusiness, Energy, Mining, Transport & Logistics, Communication, and Training.

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