{"id":85157,"date":"2024-07-03T00:00:00","date_gmt":"2024-07-03T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/2024\/07\/03\/the-world-banks-new-guarantee-platform-is-online\/"},"modified":"2024-07-03T00:00:00","modified_gmt":"2024-07-03T00:00:00","slug":"the-world-banks-new-guarantee-platform-is-online","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/climate\/2024\/07\/03\/the-world-banks-new-guarantee-platform-is-online\/","title":{"rendered":"The World Bank\u2019s new guarantee platform is online"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong><\/strong><strong>The <\/strong><strong>World Bank launches its guarantee platform with a focus on green projects: <\/strong>The World Bank Group has launched a new platform to help triple its annual guarantee issuances \u2014 focusing on projects that address energy access, climate change, and resource allocation \u2014 to USD 20 bn by 2030, according to a <a target=\"_blank\" href=\"https:\/\/www.worldbank.org\/en\/news\/press-release\/2024\/07\/01\/world-bank-group-guarantee-platform-goes-live\" style=\"\" rel=\"noopener\">statement<\/a>. The initiative \u2014 which will operate in partnership with International Finance Corporation and the Multilateral Investment Guarantee Agency (MIGA) \u2014 aims to back \u201cnew innovative financing, including carbon credits, debt-for-nature swaps and off-grid energy solutions in remote parts of Africa,\u201d MIGA Executive Vice President Hiroshi Matano told <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/business\/finance\/world-bank-group-kicks-off-20-bln-annual-guarantee-push-2024-07-01\/\" style=\"\" rel=\"noopener\">Reuters<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong style=\"background-color: transparent;\">The details:<\/strong><span style=\"background-color: transparent;\"> The platform will offer a simplified menu of guarantee options, including credit guarantees, trade finance guarantees, and political risk insurance, catering to public and private sector projects. The guarantee reforms are a part of the lender\u2019s target to increase its overall lending to <\/span><a target=\"_blank\" href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/6bcd4a12-177c-446c-accb-57b8d9b96e78\" rel=\"noopener\">USD 150 bn<\/a><span style=\"background-color: transparent;\"> over the next decade to alleviate the impact of climate change and other global crises.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>REMEMBER- MENA stands to gain a lot from the new reforms:<\/strong> The World Bank said during COP28 it plans to increase climate finance to MENA up to <a target=\"_blank\" href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/ef0a72e2-e8a6-43e6-8834-8dc0451985aa\" style=\"\" rel=\"noopener\">USD 10 bn<\/a> by 2025, as part of a target to expand its global funding capacity to USD 40 bn by the same timeframe.<\/p>\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>BYD reaches record EV sales as prices are slashed: <\/strong>China-based carmaker BYD sold a record amount of electric and hybrid vehicles in Q2 2024 at over 340k due to price cuts across models and rolling out new technologies, according to <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-07-01\/byd-sales-rise-to-a-record-on-price-cuts-tech-upgrades\" style=\"\" rel=\"noopener\">Bloomberg<\/a>. Quarterly EV sales alone reached 426k units which almost put the company ahead of Tesla \u2014 whose sales have been dropping in China and Europe \u2014 as the leading global EV producer. Exports also performed well at over 100k units for the first time in a quarter. However, trade tensions between China and Western nations are threatening the company\u2019s predicted growth for Q3. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-<\/strong><\/p>\n<ul>\n<li><strong>Shell <\/strong><strong>halts its EU biofuel unit: <\/strong>Shell has temporarily halted construction on its Rotterdam biofuels plant \u2014 one of Europe's largest energy transition projects \u2014 due to project delivery challenges and current market conditions. The plant was initially set to start production in April, but is now scheduled to operate at the end of the decade. (<a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/1230623b-7a3f-4111-8c2b-4fbcd76b361b\" style=\"\" rel=\"noopener\">The Financial Times<\/a>) <\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>The platform will prioritize high-impact projects in energy access and climate action.<\/p>\n","protected":false},"author":1,"featured_media":85158,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[71],"tags":[70,11,164,161],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-85157","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-around-the-world","tag-around-the-world","tag-enterpriseclimate","tag-green-finance","tag-world-bank","wpautop","entry"],"acf":{"mongo_id":"a4aca1f8-c597-4414-819b-aa5f37552f3a","order":"9","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/2\/2324.jpg","photo_position":"above","homepage_title":"","full_issue_title":"The World Bank\u2019s new guarantee platform is online","related_issue":[85141],"teaser":"The platform will prioritize high-impact projects in energy access and climate action.","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/7\/.176a78a3-ba65-4a71-9a5d-22bbc5148e7f.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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