Basel/Geneva – The United Nations Environment Programme Finance Initiative has asked BASE to support various banks in developing countries. The nonprofit foundation is designed to help signatory banks to the UN’s Net-Zero Banking Alliance financial initiative set their climate targets.
The United Nations Environment Programme Finance Initiative in Geneva(UNEP FI) has engaged the non-profit Basel Agency for Sustainable Energy(BASE) to train banks in developing countries. BASE is advising UNEP FI on how best to support banks that have signed up to the UN’s Net-Zero Banking Alliance (NZBA) and Principles of Responsible Banking initiatives in meeting their commitments, according to a media release.
Accordingly, BASE was responsible for preparing seminars for signatory banks in the regions of Latin America and the Caribbean, the Middle East, North Africa and Sub-Saharan Africa, and Asia from April to December 2022.
In the workshops, BASE staff provide basic information on setting climate targets. This includes understanding the conditions, capture, and disclosure of emissions, as well as setting science-based targets and developing a transition plan.
Banks have four years after signing the UN Finance Initiatives to bring their strategy, decision-making processes, lending and investments into line with the UN Sustainable Development Goals and international agreements such as the Paris Climate Agreement.
In addition, the Inter-American Development Bank Invest(IDB Invest) has contracted BASE to provide technical assistance to Ecuadorian bank Produbanco in establishing its NZBA emissions reduction targets and a transition plan. Another bank in Trinidad & Tobago is also relying on BASE’s support in setting its climate targets. ko
