Climate mitigation for financial institutions

June 18, 2024 4:16 pm

Climate change funding by financial institutions can be used to mitigate the effects of carbon emissions.

This was highlighted by the Climate Change Advisor for Business link Pacific Lili Camacho yesterday.

Camacho says financial institutions can design products suitable to assist in adaptation efforts.

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She adds the financial products should assist communities in buying solar generators and invest in clean energy projects.

“It is always eye-opening to understand the state of conversations and the state of the world and the state of how banks and financial institutions are working together and their priorities. What has stood out to me is that it’s not just SMEs that have unmet needs. It’s also commercial banks and lending institutions that have their own set of needs to be able to extend preferred rates of financing, for example, to small and medium businesses.”

Camacho says there is a need for more collaboration in order to make climate financing possible.