PUNTA CANA, Dominican Republic — The International Finance Corporation (IFC), a member of the World Bank Group and the Renewables Academy AG (RENAC), an international training provider for green energy technologies, today signed a cooperation agreement to support green banking in Latin America and the Caribbean (LAC) at the Federation of Latin American Banks (FELABAN) Annual Assembly in Punta Cana, Dominican Republic.
The main objective of the cooperation is to support the green transformation of banking in LAC towards a greener business model that mitigates challenges from climate change and that fosters green business opportunities.
Insufficient knowledge about climate-related challenges and opportunities is the main barrier to developing greener banks as concluded by the 2017 “IFC-Green Finance Latin American Survey”, replied by 25 percent of all LAC commercial banks. The IFC-RENAC alliance focuses on providing educational programs to train bankers in the economic and financial aspects of renewable energy and energy efficiency projects.
RENAC, a leading international provider of training and capacity building in renewable energy (RE) and energy efficiency (EE), will integrate its “Green Banking – Capacity Building for Green Energy and Climate Finance Program” into the knowledge offering of the newly established IFC-GBAC (Green Banking Academy). “We are proud to be part of this initiative,” says Berthold Breid, CEO of the Renewables Academy. “The partnership supports our mission to promote new business opportunities in growing green markets.”
IFC-GBAC (Green Banking Academy) is a knowledge initiative to accelerate the green transformation of banking, strengthen its business and contribute to a more sustainable world. The IFC-GBAC academic platform will offer knowledge, sensitization and capacity building programs customized to bank staff’s different profiles and roles. IFC officially launched its IFC-GBAC at today’s FELABAN’s 52nd Annual Assembly.
RENAC’s Green Banking Program, a scholarship program funded by the German International Climate Initiative (IKI) with support from the German Federal Ministry for the Environment, Nature Conservation and Nuclear Safety (BMU), has been successfully implemented in South-East Asia since 2015. Its various training formats include online trainings and delegation tours as well as the face-to-face trainings “Applying Green Energy Finance”, “Green Energy Finance Specialist” and train-the-trainer seminars.
“RENAC, with proven results in its Green Energy and Climate Finance training program, fits very well into the value proposition of our newly created IFC-GBAC (Green Banking Academy),” says Peer Stein, global head of climate finance at IFC Financial Institutions Group. The cooperation with IFC-GBAC and its partners, including FELABAN, now fosters the implementation of RENAC’s Green Banking Program in Latin America.
With this cooperation agreement, RENAC and IFC are taking further steps towards their goal of increasing the availability and use of financing instruments for renewable energy (RE) and energy efficiency (EE) projects by increasing the willingness of financial institutions to participate in RE and EE financing, and ultimately, of contributing to climate change mitigation.
The eligible countries under RENAC’s scholarship Green Banking Program are: Peru, Colombia, Panama, Costa Rica, Nicaragua, Honduras, El Salvador and Guatemala.