Ambrosini: Financial institutions need to secure $ 13 trln for climate finance under Paris Agreement

03 / 03 / 2023

By Marwa Nassar - -

Dr. Riccardo Ambrosini, Sustainable Energy Finance Lead of the Financial Institutions Group – Africa, said financial institutions need to secure $ 13 trillion for climate finance under the Paris Agreement goals in the coming few years.

Ambrosini added that capital markets will responsible for the remaining $ 10 trillion for achieving the agreement’s targets.

He made the remarks during the 13^th CSR and Sustainable Development Forum which is organized by CSR Egypt. The event opened on Thursday in the Red Sea resort city of Hurghada.

Ambrosini noted however that the problem with Africa is that the capital markets are not highly developed. “So that’s why I see works supporting regulator, supporting the issuers and investing as demonstrating that capital market transactions like green bonds or social bonds or sustainability bonds.”

“Basically, I work all across Africa and we started in 2016 developing guidelines for green bond issuance in Morocco, then we worked in Lebanon, in Egypt, Tunisia, Ghana, Nigeria, West Africa, Central Africa.. so basically this is one way to socialize green bonds,” Ambrosini concluded.