The International Finance Corporation (IFC), a World Bank Group member, and the Renewables Academy AG (RENAC) have signed a cooperation agreement to support green banking in Latin America and the Caribbean.
The main aim of the partnership is to work towards greener banks and financial institutions which integrate climate change mitigation and adaptation goals into their business models, and foster green business opportunities.
A common obstacle to addressing climate-related challenges -and taking advantage of opportunities- is insufficient knowledge. The partnership will therefore provide educational and training programs for bankers on the economic and financial aspects of renewable energy and energy efficient projects.
The programme, taught and administrated by RENAC, an international leader and provider of training and capacity building in renewable energy and energy efficiency, will be run under the flag of the IFC’s Green Banking Academy (IFC-GBAC).
The project shows the potential of using financing instruments for renewable energy and energy efficiency projects. With advanced training and knowledge, financial institutions are more willing and likely to participate in these projects, also contributing to climate change mitigation.
The countries currently eligible under RENAC’s scholarship Green Banking Programme are Peru, Colombia, Panama, Costa Rica, Nicaragua, Honduras, El Salvador, and Guatemala.