Finance

Power lines

African nations commit to electricity for 300 million people by 2030

The heads of 30 African nations have endorsed a plan to provide “reliable, affordable and sustainable” electricity to 300 million people who currently do not have regular access across the continent over the next five years. The plan is expected not only to boost renewable energy and economic opportunity around the continent, but also support new jobs. The World Bank has committed $30 billion to the plan, while the AfDB pledged $10 billion. The Asia Infrastructure Investment Bank pledged $1 billion in financing, while the Islamic Development Bank committed $4.65 billion.

ING headquarters

Dutch bank ING to ditch climate laggards as clients

Dutch bank ING will dump large clients it believes are not making sufficient progress on reducing their climate impact, in the latest sign of divergence between European and US banks over the risks of global warming. Chief executive Steven van Rijswijk said ING had put its clients on notice that it would either restrict or stop providing finance to companies that fail to address their carbon footprint on a case-by-case basis. Van Rijswijk said ING had assessed 2,000 of its largest clients based on their publicly available climate transition plans and other data. Companies had until 2026 to make sufficient progress, he said.   

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