StandChart hosts finance climate forum in Dar

DAR ES SALAAM: STANDARD Chartered Bank has hosted a sustainable finance forum, the first in the country’s banking industry.

The forum brought together industry experts and leaders for in-depth discussions on sustainable finance with a particular focus on climate financing and investments in adaptation strategies.

Standard Chartered Tanzania Chief Executive Officer Herman Kasekende said during the forum that the purpose was to drive commerce and prosperity through the bank’s unique diversity.

“We believe in the power that finance can have in generating inclusive communities. The sustainable finance team brings together experience and expertise in managing environmental, social and governance risks to maximise the positive impact potential of our financing,” Mr Kasekende said over the weekend.

The world must reach net zero carbon emissions by 2050 to limit the worst effects of climate change. This will require efforts from across stakeholder groups to accelerate the transition to a low-carbon, nature-positive and climate-resilient economy.

The bank is catalysing sustainable finance and partnerships, aiming to provide 300 billion US dollars in sustainable finance by 2030. The forum guest of honour was Minister for Finance, Dr Mwigulu Nchemba, who was represented by Rished Bade, Commissioner of External Finance at Ministry of Finance.

Commissioner Bade said climate change is a global challenge affecting the socio-economic development of many countries including Tanzania.

“This impact is affecting the growth of various sectors like agriculture, tourism, energy, health, water, marine, forestry and livestock,” Mr Bade said. The government has set guidelines instrumental in integrating climate change adaptation issues in respective sectoral policies, plans and programmes.

“Fighting against climate change requires collaborative efforts from both private and public sectors,” Mr Bade said.

The bank has financial expertise, governance frameworks, innovative thinking, technology, and geographical reach to connect markets and activities to capital, where this is most needed.

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