- Rawbank and Vitol are investing $2 million in two cookstove projects in the Democratic Republic of Congo. - The projects aim to reduce 6 million tonnes of CO₂ over ten years. - This investment coincides with COP29, where multilateral development banks aim to mobilize $120 billion annually for climate finance by 2030. - Rawbank's commitment highlights the role of private banks in promoting a sustainable economy. - A new governance model, the Carbon Advisory Committee, will oversee climate initiatives in the DRC. - This committee comprises experts in climatology, finance, and sustainable development. - The Climate Finance Desk, launched in 2023, facilitates access to international financing for ecological projects. - Mustafa Rawji, Managing Director of Rawbank, emphasized the importance of the DRC in the voluntary carbon market. - The DRC's tropical forests absorb up to 1.5 billion tonnes of CO₂, making it crucial for global climate regulation. - The COP29 discussions focus on enhancing financial commitments to address climate change. - Rawbank has been operational for 22 years and has total assets of $5 billion. - The bank serves over 500,000 customers through more than 100 branches across the DRC. - Rawbank has received several awards, including the African Bankers Award for best regional bank in Central Africa. - It holds a Moody's CAA 1 rating and has ISO certifications for its operations.

Rawbank and Vitol Invest $2 Million in Two Cookstove Projects in the DRC, Aiming to Reduce 6 Million Tonnes of CO₂ over 10 Years:


November 20, 2024 04:00 AM Eastern Standard Time

KINSHASA, Congo--(BUSINESS WIRE)--Rawbank, the leading bank in the DRC, announces a historic $2 million investment in two cookstoves projects in partnership with Vitol, aiming to reduce 6 million tonnes of CO₂ over ten years. As COP29 opens in Baku, with strengthened commitments from multilateral development banks to mobilise $120 billion a year in climate finance by 2030, this project marks a turning point to maximise environmental and social impacts in Africa. This commitment by Rawbank illustrates how private banks can play a decisive role in the transition to a sustainable economy, by mobilising resources for projects with a high environmental impact and supporting global climate goals.

A pioneering governance model in the DRC for climate finance

In 2024, Rawbank is introducing a new governance model in the DRC, the Carbon Advisory Committee. Made up of experts in climatology, finance and sustainable development, this committee will oversee all initiatives, ensuring that they comply with the most demanding international standards. This mechanism works in synergy with the Climate Finance Desk, launched in 2023, whose mission is to facilitate access to international financing for developers of ecological projects. Together, these entities transform the DRC's environmental ambitions into concrete, measurable projects.

Mustafa Rawji, Managing Director of Rawbank, explains: "The aim of launching our Climate Finance Desk a year ago was to position the DRC as a key player in climate finance. Today, this historic financing proves that a commercial bank in the DRC can play a decisive role in the voluntary carbon market, estimated to be worth 2 billion dollars worldwide. Itʼs a significant step forward that demonstrates our ability to mobilise resources for projects with a high environmental impact and to shape the future of sustainable finance in our country."

Thibaut Deckers, Head of the Climate Finance Desk at Rawbank, says: "This first carbon financing is not just a milestone for us, itʼs a real proof of concept. By supporting a local project developer, we are demonstrating our ability to master the risks specific to projects in the DRC, thanks to our in-depth knowledge of the terrain."

A commitment aligned with global climate priorities

With its vast tropical forests, the DRC plays a key role in regulating the global climate, absorbing up to 1.5 billion tonnes of CO₂. This investment by Rawbank and Vitol comes at a strategic time, as COP29, which opened on November 11 in Baku, focuses on redefining financial commitments for the climate. The aim is to exceed the previous agreement of 100 billion dollars a year, by mobilising more substantial resources to support the energy transition.

About Rawbank

For 22 years, with total assets of 5 billion dollars, Rawbank has been supporting the development of the Congolese economy. The leading bank in the DRC for 12 years, Rawbank offers the most modern products and services to its more than 500,000 corporate, SME and individual customers through a network of more than 100 branches in 19 provinces of the country, a digital offre with Illicocash, internet banking, and more than 250 ATMs.

Its work has been rewarded with the African Bankers Award 2022 and 2024 for the best regional bank in Central Africa, a Moody's CAA 1 rating, and ISO/IEC 20000 and ISO/IEC 27001 certifications. RAWBANK's partners include the IFC, AfDB, TDB, BADEA, Shelter Africa and AGF.

The partners who have placed their trust in RAWBANK include : AfDB, AGF, IFC, BADEA, Shelter Africa and TDB. www.rawbank.com

Contacts

Press:
Inès Banny
iba@35nord.com