Renewable energy developers will gain an incentive to access resources. Banco do Brasil (BB) and the French Development Agency (AFD) signed a contract this week to enable the release of 100 million euros in financing for projects in the sector.
According to Banco do Brasil, the partnership helps to achieve the goals of the 2030 Agenda, a global action plan with 17 sustainable development goals and 169 poverty eradication goals.
The agreement will allow BB to expand the loan offer for renewable energy projects for individuals and companies in the retail category for the next ten years. AFD also allocated 300,000 euros to finance technical cooperation projects.
Banco do Brasil calculates that the 100 million euros, equivalent to R$555 million at current exchange rates, will generate 3,100 jobs. This investment, informs the financial institution, will avoid the emission of around 113 thousand tons of carbon dioxide per year.
Currently, BB invests around R$300 billion in environmental and social sustainability projects. Regarding the renewable energy sector, the bank allocates around BRL 10 billion for this purpose and aims to lend BRL 15 billion by 2025.
The institution intends to expand its partnerships with AFD in the coming years. In May, during the Global Carbon Market congress, BB and AFD signed a memorandum of understanding that provides for new financing opportunities for states and municipalities.
Credit lines for local governments will focus on sanitation infrastructure projects, including sewage and solid waste treatment, renewable energy and energy efficiency, clean transport, urban mobility, infrastructure transition to smart cities and climate change adaptation, health and education.
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