Climate protection, CDP signs five new agreements at COP28

Climate protection, CDP signs five new agreements at COP28

Protection of the Mediterranean, development of infrastructures and Green Bonds in Africa, energy transition in the Western Balkans and a greater commitment to climate protection with the members of the Long Term Investors Club - D20-LTIC, the club of G20 financial institutions. These are the key points of the four new agreements signed during the participation of a delegation from Cassa Depositi e Prestiti, led by the Chief Executive Officer, Dario Scannapieco, at the twenty-eighth edition of the United Nations Conference of the Parties (COP) on the environment, being held this year in Dubai.

As part of its work at COP28, CDP facilitated a meeting of members of D20-LTIC, the coalition of G20 National Promotional Institutions, which approved a Declaration of Intent committing the parties to strengthen cooperation on climate finance. Speaking at the event, Dario Scannapieco highlighted the growing importance of climate finance and the role that NPBIs can play, given their unique characteristics, in channelling resources to projects that address climate change.

The partnerships signed at COP28 aim to strengthen CDP's commitment to sustainable development, a priority to which it has committed more than 6.3 billion euro in 2022 and the first half of 2023, of which 5.6 billion euro will go to the fight against climate change and ecosystem protection, and the remainder to the sustainable development of emerging countries. In 2023, CDP also issued its first 500 million euro Green Bond, the proceeds of which will primarily finance infrastructure investments in renewable energy, energy and water efficiency, and sustainable mobility.

The agreements include Cassa Depositi e Prestiti's entry into the Blue Mediterranean Partnership, a multilateral initiative for 'blue economy' projects in the Mediterranean; a partnership with the African Development Bank (AfDB) through the Global Green Bond Initiative (GGBI), which aims to develop green bond markets in emerging economies; and North Macedonia's entry into the Just Energy Transition Investment Platform (JETIP), a partnership to foster a just energy transition in the country and an additional €50 million loan to the African Finance Corporation, the continent's primary multilateral development bank, for investments in renewable energy sources and sustainable infrastructure.

CDP also plans to participate in several panels on renewable energy development, greenhouse gas reduction and youth inclusion, sponsored respectively by the UN Global Compact, UNDP and Save the Children.

The D20 Declaration of Intent

During the D20-Long Term Investors Club (D20-LTIC) Summit, held in Dubai during COP28, a new declaration of intent was signed to strengthen collaboration between financial institutions of the G20 countries on climate finance.

The D20-LTIC brings together 24 financial institutions and institutional investors - including CDP, a founding member and Secretary General - to address the need for long-term investment in infrastructure, innovation and sustainability in emerging markets and developing countries. In particular, the Club undertook to promote greater mobilisation and synergy between public resources and private investment, while reaffirming the importance of instruments to reduce financial risks and promote the achievement of climate change adaptation and mitigation objectives.

The D20-LTIC declaration of intent also recognises the critical role of innovation and the commitment of the Parties to support the commercialisation and dissemination of technologies for the prevention, reduction and elimination of greenhouse gas emissions, particularly in emerging countries.

The Blue Mediterranean Partnership

A joint initiative of the European Bank for Reconstruction and Development (EBRD), the European Investment Bank (EIB) and the Union for the Mediterranean (UfM), the Blue Mediterranean Partnership (BMP) aims to channel public and private funding towards environmental protection in the Mediterranean. At the same time, it aims to create employment opportunities in coastal areas and support sustainable tourism activities. By becoming a partner, CDP will work alongside other leading National Promotional Institutions (NPIs), including Germany's Kreditanstalt für Wiederaufbau (KfW) and France's AFD, to undertake projects and initiatives for the benefit of the beneficiary countries, including the development of offshore renewable energy sources, wastewater treatment and the reduction of plastic waste in the oceans.

The partnership with African Development Bank under the Global Green Bond Initiative

The Global Green Bond Initiative (GGBI), funded by the European Commission and involving the main European financial institutions and development agencies, including Cassa Depositi e Prestiti, aims to develop markets for green bonds - financial instruments whose issuance is linked to projects that have a positive impact on the environment - in emerging economies to promote green development and effectively combat the effects of climate change. To this end, at COP28, CDP and the other GGBI stakeholders signed a strategic partnership with AfDB, a multilateral development bank operating in all African countries, to work together on technical assistance initiatives to increase the uptake of green bonds on the continent.

The North Macedonia Energy Transition Investment Platform

Supporting the energy transition and reducing North Macedonia's greenhouse gas emissions by more than 80% by 2030: these are the main objectives of the Just Energy Transition Investment Platform (JETIP) initiative, promoted by the government of North Macedonia with the support of the EBRD, to which CDP has joined along with other major European financial institutions, including the EIB and Germany's KfW. Joining will allow CDP to play a key role in the energy transition of a country located in an area of strategic interest for Europe, while creating opportunities to strengthen relations between Italy and North Macedonia.

Strengthening the partnership with the Africa Finance Corporation (AFC)

Cassa Depositi e Prestiti (CDP), in line with its commitment to sustainable development and contrast to climate change, has announced an additional 50 million euros in funding for the multilateral development bank Africa Finance Corporation (AFC). The initiative elevates the amount of climate finance jointly mobilized by CDP and AFC on the African continent to a total amount of €150 million euros, to foster investments in renewable energy, energy efficiency and sustainable infrastructure, promoting industrial competitiveness, creating new jobs and contributing to the fight against climate change.

Net-Zero, renewable energy and just transition: CDP engages with UN Global Compact, Save the Children and UNDP

CDP's commitment to climate finance and inclusive, sustainable growth will also be reaffirmed through its participation in three events held at the Italian Pavilion. CDP will join representatives from the UNDP Rome Centre for Climate Action and Energy Transition to address the topic of energy transition in Africa. There will also be a dialogue with young people, together with Save the Children Italy, on the importance of ensuring an environmentally just and equitable transition. Finally, CDP, along with UN Global Compact Italy will discuss progress on the Net-Zero commitment outlined in the Paris Agreement.