Deutsche Bank is expanding its assistance for the Government of Egypt’s aspirations and proposes for energy transition by becoming a founding member of a committed private sector finance working group.
The six-bank working group was formed by The Glasgow Financial Alliance for Net Zero (GFANZ), a global coalition of prominent financial institutions dedicated to accelerating the decarbonization of the economy. The bank will support Egypt’s greater efforts to accomplish inclusive and sustainable growth, as well as low-carbon emissions targets, and create resilience and adaptability to climate change. These plans are part of Egypt’s Nexus for Water, Food & Energy (NWFE).
It will explicitly focus on identifying impediments to sourcing the necessary private investment, advocating for the reforms necessary to address those barriers, and identifying methodologies that could help bring together private finance at magnitude.
Claire Coustar, Global Head of ESG and Sustainable Finance Fixed Income & Currencies said, that Deutsche Bank has a time-honored presence in Egypt, having been in the country for more than 60 years and facilitating landmark transactions involving Egypt’s inaugural green bond. Egypt continues to be a significant client and financial system for Deutsche Bank and is extremely pleased to continue its support for Egypt through the GFANZ-led working group and the mobilisation of private capital required for the country’s national Climate Change Strategy 2050.
Accelerating the transition to a net-zero comprehensive financial system
The Glasgow Financial Alliance for Net Zero (GFANZ) is a global coalition of leading financial institutions dedicated to accelerating the decarbonization of the economy.
Accomplishing the purpose of the Paris Agreement to cap global temperature increases to 1.5°C from pre-industrial levels necessitates a whole economic transition. Every bank, company, insurer, and the investor will need to adapt their business models, create credible plans for the transition to a low-carbon, climate-resilient future, and then execute those plans.
GFANZ provides the tools and resources the financial sector demands to execute its net-zero commitments.
The Glasgow Financial Alliance for Net Zero (GFANZ) Private Sector Finance Working Group for Egypt’s Nexus for Water, Food & Energy also comprises Bank of America, Commercial International Bank (CIB), Citigroup, HSBC, and Standard Chartered.
Deutsche Bank at COP27
How do we manage the transition to a low-carbon economy in the context of the most recent energy crisis? How to conserve biodiversity on land and sea? How can we use environmental, social, governance, or ESG bonds to support business transition? Specialists from around the world will debate these questions at the United Nations Climate Change Conference 2022 (COP27) in Sharm-el-Sheikh.
One location for exchanging ideas is the ‘Resilience Hub’ that Deutsche Bank is supporting as a sponsor this year. This virtual and physical space at COP27 provides non-state participants from business, academia, civil society, cities, and regions an excellent prospect to examine transition strategies and delve into new ways to work in partnership. Deutsche Bank considers this a fantastic opportunity as it is confident that the climate emergency needs more strong cooperation than ever.
About Deutsche Bank
Deutsche Bank was founded in 1870 to be associated with German businesses in the world and has operated through borders ever since. Deutsche Bank offers financial services to companies, institutional investors, governments, private individuals, and small and medium-sized businesses.
Purpose
‘‘Deutsche Bank is here to enable economic growth and societal progress through its positive impact.’’
A leading Bank
Deutsche Bank is the leading German bank with powerful European roots and a global network. The bank concentrates on its strengths in a Corporate Bank newly created in 2019, a leading Private Bank, a focused investment bank, and asset management.