THE Republic Group has signalled its intention to lend and invest US$$200 million by 2025 to support actions that would help achieve major climate finance goals.
In a statement yesterday, the group said these goals will be achieved by activities which include the lending and investment for loans that enable the sale of electric and hybrid cars, loans that are aligned to the promotion of clean fuels, renewable energy and technology, that contribute to an improvement in energy efficiency and construction loans that deploy climate-resilient technologies.
“This comes as the group rolls out its objectives as a signatory to UN’s Principles of Responsible Banking and the Net-Zero Banking Alliance. The group had previously announced that capital will be directed to the preservation of the environment, supporting renewable energy and green initiatives and bolstering the blue economy,” the statement said.
The group’s president and CEO, Nigel Baptiste said: “Since signing the Principles of Responsible Banking, we have been working behind the scenes to implement several impactful and measurable initiatives, all aimed at supporting UN’s Sustainable Development Goals (SDGs).”
He added, “Given the negative impact of climate change on the Caribbean and our dependence on fossil fuels, we have identified Sustainable Development Goal 7 (Affordable and Clean Energy) and Sustainable Development Goal 13 (Climate Action) as priority goals for Republic Group and we believe that through our climate finance lending and investment packages, we will be on a path to a cleaner, greener and more sustainable future.”
In April, the Republic Bank Group joined 42 other global banks in 23 countries as founding signatories to the United Nations- convened, Net-Zero Banking Alliance. The NZBA was co-launched by the Financial Services Taskforce (FSTF) of the Prince of Wales’ Sustainable Markets Initiative.
In a news release in April, Republic Bank said the global initiative placed climate finance at the forefront of the fight against the current climate crisis.
The Republic Bank Group noted that climate action is a shared responsibility and as a founding member of the NZBA, it has taken the bold step of advancing the fight against climate change to secure the future of the planet and generations to come.
Baptiste said in April: “From today, our continued focus will be on aligning our brand, operations, and the Group’s lending portfolios towards achieving net-zero greenhouse gas emissions by 2050. The initiatives we introduce and the relationships we establish through the NZBA will also contribute and deliver the goals of the UNEPFI Principles of Responsible Banking framework, which we signed on to in 2020.”
“At Republic Bank, we take great pride in being one of the founding signatories to this historic global initiative to combat the adverse effects of climate change and will take the necessary steps to transition our core business to achieve this goal by 2050. We will set ambitious sustainable targets for our products and services and introduce systems and procedures to better measure the carbon impact for both ourselves and our clients across our operations.” He added.