StanChart commits $300billion to world’s green energy

DAR ES SALAAM: STANDARD Chartered Bank has committed 300 billion US dollars in green and transition financing by 2030, prioritising Africa’s shift to sustainable energy with investments in renewable projects and infrastructure.

The pledge highlights the lender’s dedication to funding renewable energy, sustainable infrastructure projects and capacitybuilding initiatives, all crucial for Africa’s future energy landscape.

StanChart Kenya and Africa CEO Kairuki Ngari said at the just ended Energy Summit in Dar es Salaam that these efforts are designed to address the continent’s growing energy needs while promoting environmental sustainability.

“As Africa embarks on its energy transition journey, partnerships are essential,” Mr Ngari said through a statement.

The CEO for Kenya and Africa said the bank is committed to playing its part by collaborating with governments, regulators and private sector players to deliver innovative solutions that drive inclusive growth.

“Together,” Mr Ngari said, “we are not only addressing today’s energy needs but also laying the groundwork for a greener, more resilient future for generations to come.”

At the well-attended summit, Mr Ngari said that the bank facilitated 1.46 billion US dollars in funding for the construction of the Electric-powered Standard Gauge Railway (SGR) connecting Dar es Salaam to various regions and later neighbouring countries.

“This initiative aims to reduce transportation costs, improve regional trade and enhance connectivity across East Africa,” he said.

Additionally, the bank signed a 129 billion euros financing agreement with Angola’s Finance Ministry to develop the country’s solar-powered electricity infrastructure.

The project will construct photovoltaic systems to provide sustainable electrification for over one million people in rural provinces, reducing reliance on traditional power grids and promoting energy self-sufficiency.

Additionally, StanChart in partnership with the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), is facilitating a 103 million euros project to install solar-powered streetlights across rural areas in Senegal.

“The aim of the project is to enhance street safety, extend productive hours for businesses and improve the quality of life through reliable renewable energy solutions,” he said.

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In another key development, the bank is working with the government of Lesotho to establish the King Letsie III Just Energy Transition Fund, which aims to attract private and international investments for renewable energy projects.

This initiative seeks to address domestic energy needs while positioning Lesotho to export surplus clean power to the region.

Additionally, the lender supports community participation through vocational training programmes and financial literacy workshops, equipping local populations to engage in and benefit from the energy value chain.

Standard Chartered Tanzania CEO, Herman Kasekende said their work in Africa is built on a foundation of trust, collaboration and innovation.

“We believe in Africa’s potential to lead the global energy transition and are committed to being a catalyst for that progress. “The Heads of State Energy Summit provides an opportunity to strengthen partnerships and amplify our collective impact,” Mr Kasekende said.

Additionally, StanChart supports community participation through vocational training programmes and financial literacy workshops, equipping local populations to engage in and benefit from the energy value chain.