INTESA SANPAOLO FIRST ITALIAN BANK IN THE CLIMATE INVESTMENT PLATFORM SET UP BY IRENA, THE INTERNATIONAL RENEWABLE ENERGY AGENCY
- The platform assists governments in developing countries in setting energy policy and initiating clean energy generation projects.
- Intesa Sanpaolo will provide its international experience, relationships in major capital markets and assistance in making ESG projects bankable.
Milan/Abu Dhabi, 11 March 2021 - Intesa Sanpaolo has become the first Italian bank to join the Climate Investment Platform (CIP), a partnership between International Renewable Energy Agency (IRENA), Sustainable Energy for All, UNDP and the Green Climate Fund that works to scale up financing for the energy transition to help countries achieve ambitious climate goals.
The agreement was signed at IRENA’s headquarters in Abu Dhabi by the Agency’s Director-General, Francesco La Camera, and by Christophe Hamonet, Head of the Intesa Sanpaolo Hub Branch in Dubai, who coordinates the activities of the Middle East and Africa international network of the IMI Corporate & Investment Banking Division headed by Mauro Micillo.
Within the framework of CIP, IRENA works to bring together multilateral, bilateral and private financial institutions to support the realisation of renewable energy projects around the world with a focus on developing countries. As the lead intergovernmental organisation for the energy transition, the Agency works with 163 member states including the European Union, to support a sustainable energy future.
The CIP helps governments in four key energy policy phases: setting climate targets and related national contributions; implementing and enforcing clean energy policies and regulations; creating a marketplace to connect investors and projects; and reducing financial risk to ensure access to credit and the bankability of projects.
Under the CIP, Intesa Sanpaolo will offer countries and entities the benefit of its international experience in financing the construction of large-scale clean energy installations, together with its network of relationships in the major capital markets and the assistance needed to ensure the bankability of projects that meet the highest ESG criteria.
“The Climate Investment Platform is a priority initiative for IRENA and its partners as we collectively respond to the needs of countries in this critical time of action,” said Francesco La Camera, IRENA Director-General. “We welcome close cooperation with private sector organisations such as Intesa Sanpaolo that share a global vision for a low-carbon energy system and inclusive, sustainable growth.”
“Intesa Sanpaolo is one of the most sustainable banks in the world and is included in the main international sustainability indices” stated Mauro Micillo, Chief of Intesa Sanpaolo’s IMI Corporate & Investment Banking. “The entire Group is committed to supporting the production of energy from renewable sources, in line with its commitment to environmental sustainability and social responsibility, which are cornerstones of our Business Plan. The partnership with IRENA and access to the CIP platform will enable us to expand our initiatives in support of clean energy transition in several high-growth countries, particularly in Africa.”
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Last updated 11 March 2021 at 11:58