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Good News - Business - Green Projects for Africa

Reuter's Melbourne - 11 October 2010

Africa's largest lender, Standard Bank, expects a boom in green project developments across the continent, the bank's head of carbon trading Geoff Sinclair said on Monday.

The bank expects to boost financing of energy efficient projects in African countries, which promise to overcome local energy shortages and generate carbon credits that can be sold to polluters in developing countries, said Sinclair.

'We're focused on commercial opportunities and over-coming hurdles to developing low carbon sustainable projects,' Sinclair told the Reuters Global Climate and Alternative Energy Summit on the sidelines on a carbon conference in Melbourne.

Standard Bank teamed up with the United Nations and the German government earlier in the year to establish an African Carbon Asset Development Facility (ACAD).

Sinclair said ACAD was a starting point in removing investment barriers within Africa to low-carbon sustainable development by providing grants for projects for Clean Development Mechanisms (CDMs), finance to local banks for low carbon projects and training.

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