Finance
COP28 President-Designate calls on Private Sector to usher in a new era for sustainable climate finance
- COP28 President-Designate Dr. Sultan Al Jaber is the first COP president to ring the bell at the New York Stock Exchange.
- Private sector is critical for financial system reform and to providing available and accessible funding for emerging and developing markets.
- Restoration of trust needed through meeting $100bn a year target, replenishment of the Global Climate Fund and operationalizing the Loss & Damage Fund.
NEW YORK, Sept. 19, 2023 /PRNewswire/ — This morning, the COP28 President-Designate, Dr. Sultan Al-Jaber opened trading on Wall Street for the day at the New York Stock Exchange (NYSE). In ringing the bell at the heart of the financial world, Dr. Al-Jaber had a clear and decisive message: the private sector must play their role in ushering in a new era for sustainable climate finance to ensure the objectives of the Paris Agreement are met and 1.5C is kept within reach.
Dr. Sultan Al-Jaber is the first COP president to ring the NYSE bell.
Dr. Al-Jaber urged the exploration of innovative and new mechanisms which lower risk and expand private investment in bankable clean projects. “Collaboration between the public and private sector will be key to making the much-needed new financial system a reality. Programs such as the $4.5bn Africa green investment initiative set a clear example of how public, private and development capital can be deployed to mobilize further capital and deliver green projects,” he said.
One of the COP28 Presidency’s key objectives is to ensure the world works collaboratively and effectively to deliver a new framework for global climate finance that is capable of delivering the $4.5tn necessary to reach urgent climate targets. There is also a need for domestic financial systems to be strengthened so local finance can be used to help deliver long-term clean investments.
Ahead of his visit to the NYSE, Fortune published an op-ed by Dr. Sultan Al Jaber, where he said, “Fixing climate finance is daunting but doable… I therefore call on all governments, development institutions, and business leaders to use these crucial next few months before COP28 to raise their ambitions and deliver on their pledges. They should also go further, and support fundamental reform of the global financial architecture to deliver climate finance at scale. The money is waiting to be unlocked.”
At the NYSE, the COP28 President-Designate highlighted the importance of restoring global trust through the delivery of previous commitments including the $100bn a year target for climate funding, the replenishment of the Global Climate Fund and operationalizing the Loss and Damage Fund agreed at COP27.
“The existing global financial architecture is nowhere near where it needs to be, with the lack of available, accessible and affordable finance an obstacle to progress in the fight against climate change. Dr. Al Jaber said. “We need a truly inclusive approach towards tackling climate change, and both development banks and aid programs must help deliver this.”
About COP28 UAE:
- COP28 UAE will take place at Expo City Dubai from November 30-December 12, 2023. The Conference is expected to convene over 70,000 participants, including heads of state, government officials, international industry leaders, private sector representatives, academics, experts, young people, and non-state actors.
- As mandated by the Paris Climate Agreement, COP28 UAE will deliver the first ever Global Stocktake – a comprehensive evaluation of progress against climate goals.
- The UAE will lead a process for all parties to agree upon a clear roadmap to accelerate progress through a just and orderly global energy transition and a “leave no one behind” approach to inclusive climate action.
- COP 28 president: ‘It’s time to transform climate finance’
- COP28 Media Hub
Photo – https://mma.prnewswire.com/media/2215191/COP28_NYSE.jpg
SOURCE COP28
BRAINERD — For the 10th consecutive year, Crow Wing County was awarded the Certificate of Achievement for Excellence in Financial Reporting and the Award for Outstanding Achievement in Popular Financial Reporting.
The Certificate of Achievement is the highest form of recognition in the area of governmental and financial reporting. The honor is given out by the Government Finance Officers Association of the United States and Canada.
The Certificate for Excellence in Financial Reporting was awarded to Crow Wing County for its 2022 Comprehensive Annual Financial Report compiled in 2023.
The award represents a significant accomplishment by a government and its management, the county noted in a news release.
“This is a testament to the type of work that is being done in our Finance Department,” said Finance Director Nancy Malecha. “This award recognizes our commitment in ensuring that our financial data and information is reported accurately, timely and provides transparency that the taxpayers of Crow Wing County deserve.”
Crow Wing County is one of only 16 counties in Minnesota to have earned this award.
The Award for Outstanding Achievement in Popular Financial Reporting was awarded to Crow Wing County for its 2022 Popular Annual Financial Report.
The annual report extracts information from the Comprehensive Annual Financial Report and summarizes the financial position of the county in a simple, easy to read format. Crow Wing County is one of five counties in Minnesota that have received the national award.
Financial reports are available on the Crow Wing County website at
www.crowwing.gov/771/Financial-Statements
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Finance
Tata Motors’ subsidiaries – TPEM and TMPV join hands with Bajaj Finance, offers financing program for authorized passenger and electric vehicle dealers – Tata Motors
Press release -
May 20, 2024
Tata Motors’ subsidiaries – TPEM and TMPV join hands with Bajaj Finance, offers financing program for authorized passenger and electric vehicle dealers
Tata Motors Passenger Vehicles (TMPV) and Tata Passenger Electric Mobility (TPEM) join hands with Bajaj Finance to offer financing program for authorized passenger and electric vehicle dealers. In the image, Mr. Dhiman Gupta, Chief Financial Officer, Tata Passenger Electric Mobility Ltd. and Director, Tata Motors Passenger Vehicles Ltd. and Mr. Siddhartha Bhatt, Chief Business Officer, Bajaj Finance Ltd. at the MoU signing in Mumbai.
In a bid to improve options and ease of financing for the dealers, Tata Motors Passenger Vehicles (TMPV) and Tata Passenger Electric Mobility (TPEM) – subsidiaries of Tata Motors, India’s leading automotive manufacturer, have joined hands with Bajaj Finance, part of Bajaj Finserv Ltd., one of India’s leading and most diversified financial services groups, to extend supply chain finance solutions to its passenger and electric vehicle dealers. Through this memorandum of understanding (MoU), the participating companies will come together to leverage Bajaj Finance’s wide reach to help dealers of TMPV and TPEM access funding with minimal collateral.
The MoU for this partnership was signed by Mr. Dhiman Gupta, Chief Financial Officer, Tata Passenger Electric Mobility Ltd. and Director, Tata Motors Passenger Vehicles Ltd. and Mr. Siddhartha Bhatt, Chief Business Officer, Bajaj Finance Ltd.
Commenting on the partnership, Mr. Dhiman Gupta, Chief Financial Officer, Tata Passenger Electric Mobility Ltd. and Director, Tata Motors Passenger Vehicles Ltd., said, “Our dealer partners are integral to our business, and we are happy to actively work towards solutions to help them in ease of doing business. Together, we aim to further grow the market and offer our New Forever portfolio to an increasing set of customers. To that effect, we are excited to partner with Bajaj Finance for this financing program, which will further strengthen the access of our dealer partners to increased working capital.”
Speaking on this partnership, Mr. Anup Saha, Deputy Managing Director, Bajaj Finance Ltd, said, “At Bajaj Finance, we have always strived to provide best-in-class processes by using the India stack for financing solutions that empower both individuals and businesses. Through this financing program, we will arm TMPV and TPEM’s authorized passenger and electric vehicle dealers with financial capital, which will enable them to seize the opportunities offered by a growing passenger vehicles market. We are confident that this collaboration will not only benefit dealers but also contribute to, and enhance the growth of, the automotive industry in India.”
TMPV and TPEM have been pioneering the Indian automotive market with its groundbreaking efforts it both ICE and EV segments. The company’s overarching New Forever philosophy has led to the introduction of segment leading products which are being appreciated by consumers at large.
Bajaj Finance is one of the most diversified NBFCs in India with presence across lending, deposits and payments, serving over 83.64 million customers. As of March 31, 2024, the company’s assets under management stood at ₹3,30,615 crore.
Media Contact Information: Tata Motors Corporate Communications: [email protected] / 91 22-66657613 / www.tatamotors.com
Drive Finance, a GB Capital subsidiary and part of GB Corp’s financial division, has closed its fifth securitisation bond issuance, valued at EGP 1.4bn. This marks the second issuance under Capital Securitization’s fifth program, which aims for a total of EGP 5bn.
Following the previous issuance in December, this latest development highlights the company’s portfolio growth and investor confidence.
Ahmed Osama, Managing Director of Drive Finance, welcomed the robust investor response, noting that interest surpassed the issuance amount twofold. “This enthusiasm underscores our strong market position and our sustained creditworthiness amidst economic challenges,” he remarked.
Remon Gaber, Drive Finance’s Treasury Head, took pride in the issuance’s success, attributing it to the strategic diversification of funding sources. This approach has bolstered the company’s objectives, broadened its financing services, and extended its market presence, thereby boosting its share in consumer finance and factoring sectors.
The issuance comprised three tranches:
- First Tranche: EGP 546.8m, 13-month term, AA+(sf) rating.
- Second Tranche: EGP 644.9m, 36-month term, AA(sf) rating.
- Third Tranche: EGP 210.3m, 58-month term, A(sf) rating.
Commercial International Bank (CIB) played a pivotal role as the financial advisor, manager, arranger, and promoter. Arab African International Bank was the custodian, underwriter, and subscription handler. Legal advice was provided by the El-Derini Law Office, while Sherif Mansour Dabus–Russell Bedford conducted the audit. Middle East Rating & Investors Service (MERIS) assigned the ratings.
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