The Standard Bank group revealed on Wednesday 1 November that it has a total of 13.3 billion dollars available to finance sustainable projects related to Environmental, Social, and Governance (ESG) for the period 2022-24, adding that the amount covers all the African countries where the bank is present, including Mozambique.
According to the information provided by Standard Bank’s Executive Head of Investment Banking, Fanile Shongwe, during the first edition of the ESG Talks, all companies that are developing environmental impact projects whose aim is to cause some transformation in society are eligible for the funding.
“We are present in 20 African countries and we realise that there is currently a great demand for green financing. For Mozambique this issue is still very new, but we try to guide companies so that they can join in,” he explained.
Under the theme of “Financing, Impact and Good Practices for a Green Future in Mozambique”, the ESG Talks initiative aims to debate, clarify and promote the work of Mozambican companies, organisations and figures who stand out for their implementation of sustainable practices and their approach.
In his explanation, the bank source said that the world must learn to manage environmental risks and adopt socially sustainable and positive policies, emphasising that the country has good clean energy production projects, with the only challenge being in the financial area.
“Sustainability initiatives have a lot to do with the financing strategies that exist in each territory, what we are trying to do at the moment is ensure that all the Sustainable Development Goals (SDGs) are met in Africa, looking at what the agreements say,” said the source on the panel on “Sustainable Finance”.
Fanile Shongwe believes that society must learn to measure the environmental impacts of its actions, and look at the energy transition as a means of achieving universal well-being, creating opportunities that help improve productivity and investment.
For her part, Standard Bank’s Head of Corporate and Investment Banking, Catherine Poran, emphasised that ESG creates a good direction for business, as it stimulates job creation and reduces the catastrophic effects of climate change.
“Mozambique must change its paradigm, as there is great potential in ESG matters. There is a need to produce fundamental measures that bring returns and to invest in sectors such as agriculture, which is the basis of many Mozambicans’ livelihoods and creates visible opportunities,” he emphasised.
“All human actions must revolve around ESG,” she said.
The ESG Talks are an initiative organised by Media4Development, owner of Economia & Mercado magazine and the Diário Económico and 360º Mozambique portals, in partnership with InSite Moçambique, Stravillia Sustainability Hub and the EMS (Enhanced Media Systems) communications agency, and with the sponsorship, in this first edition, of Standard Bank Moçambique and consultancy firm EY.