{"id":81350,"date":"2023-12-19T00:00:00","date_gmt":"2023-12-19T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/2023\/12\/19\/the-ifc-will-invest-usd-50-mn-in-africa-and-asias-green-energy-transport-infrastructure\/"},"modified":"2023-12-19T00:00:00","modified_gmt":"2023-12-19T00:00:00","slug":"the-ifc-will-invest-usd-50-mn-in-africa-and-asias-green-energy-transport-infrastructure","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/climate\/2023\/12\/19\/the-ifc-will-invest-usd-50-mn-in-africa-and-asias-green-energy-transport-infrastructure\/","title":{"rendered":"The IFC will invest USD 50 mn in Africa and Asia\u2019s green energy + transport infrastructure"},"content":{"rendered":"

The IFC partners with AP Moller on climate <\/strong>finance<\/strong>: <\/strong>The International Finance Corporation (IFC) is investing USD 50 mn in Danish shipping company AP Moller\u2019s Emerging Markets Infrastructure Fund II, according to a statement<\/a> released earlier this week. The loan aims to help AP Moller tackle infrastructure gaps, facilitate trade, and boost access to renewable energy in Asia and Africa. The Danish fund aims to raise USD 1 bn in green financing.<\/p>\n

Where\u2019s the money going: <\/strong>60% of the USD 1 bn funding package is planned for onshore transport projects spanning from ports and storage, roads and rail, to warehouses and distribution ventures, while the remaining 40% of the financing strategy will be set aside for renewable energy and electricity distribution projects. Half of the fund is packaged towards development projects in Africa, with the remainder earmarked for the South and South East Asian Markets. <\/p>\n

Why the focus on greenifying transport and port operations?<\/strong> The IFC notes the global shipping sector contributed to around 25% of global energy-related greenhouse gas output in 2022, the IFC notes. In our neck of the woods, a US-backed plan to establish<\/a> an economic corridor linking Europe with the Middle East and India via a green rail and sea corridors is in the works. Regional players including KSA<\/a> are separately running trials for hydrogen-powered railway networks in a bid to cut emissions from the transport sector. On the port operation front, UAE-based DP World signed an agreement<\/a> with the International Renewable Energy Agency (Irena) last month to collaborate on scaling up the use of renewable-based fuels and electrifying the shipping and ports sectors.<\/p>\n

OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-<\/strong><\/p>\n