UNEP IN 2022

Through the UNEP-convened Net-Zero Banking Alliance, over 60 banks set science-based targets to decarbonize their portfolios, including investments in the coal and gas industries. Over half of the alliance has set intermediate decarbonization targets for 2030 that are in line with the 1.5°C target of the Paris Agreement. In its first 18 months, the alliance, run by the UNEP Finance Initiative (UNEP FI), has grown to over 120 banks, representing almost 40 per cent of global banking assets.

The Seed Capital Assistance Facility (SCAF), a multi-donor trust fund managed by UNEP, in July saw construction begin on an important project it backed: a hydropower plant in Zimbabwe. The commission of the 5 MW plant is set to take place in 2023. Overall, SCAF II, the second phase of the facility, has supported projects in 14 countries across Asia and Africa. These projects are expected to mitigate almost 4 million tonnes of carbon dioxide equivalent per year and create close to 14,000 jobs.

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Finance for projects such as hydro-power plants is a key pillar of the UNEP-led Seed Capital Assistance Facility. Photo: iStockphoto
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© United Nations Environment Programme, 2023