Staff Writer
CBZ Holdings (CBZ) says it obtained a nomination for accreditation with the Green Climate Fund (GCF) – a critical source of funding for climate change initiatives in developing countries.
GCF is a fund for climate finance, established within the framework of the United Nations Framework Convention on Climate Change (UNFCCC).
The nomination for accreditation with the GCF is a significant milestone for the country’s largest financial institution as it demonstrates its commitment to supporting climate-friendly projects and initiatives.
By participating in the GCF’s funding mechanisms, CBZ can play a significant role in supporting the transition to a low-carbon, climate-resilient economy.
The nomination for accreditation with the GCF is a testament to the financial institution’s commitment to environmental sustainability and its recognition of the urgency of addressing climate change.
By obtaining accreditation with the GCF, CBZ can access a pool of resources that can be used to finance projects that promote sustainable development and resilience to climate change.
This includes projects related to renewable energy, energy efficiency, climate-smart agriculture, and climate-resilient infrastructure.
CBZ’s chairperson Luxon Zembe said during the year ended December 31, 2023, the group accelerated its drive to create long-term value through embedding environmental, social and governance (ESG), factors into its strategy and operations.
“…in addition to the ongoing certification with the European Organisation for Sustainable Development, the group obtained a nomination for accreditation with the Green Climate Fund,” Zembe said in the group’s financials.
“The group also engaged the International Finance Corporation (IFC) for advisory services on ESG, climate governance and climate risk. Through this engagement, the group’s various board members and senior management received training on Climate Governance and Climate Risk Management.”
He said CBZ partnered with the Forestry Commission contributing to environmental preservation.
“The group continues to actively participate in initiatives that protect and preserve the natural world for future generations and foster strong relationships with the communities through investing in their well-being and development,” Zembe said.