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Beac encourages Cemac countries to move toward sustainable finance

Beac encourages Cemac countries to move toward sustainable finance
  • Comments   -   Wednesday, 03 May 2023 17:55

(Business in Cameroon) - The Bank of Central African States (Beac) is organizing next May 8-9 in Douala an international workshop to encourage countries within the Cemac region to move toward sustainable finance.

The meeting receives the support of the International Finance Corporation (IFC) and the Sustainable Banking and Finance Network (SBFN), Beac said in a May 3 press release. The central bank announced that participants will include officials from the CEMAC Commission, the regional stock exchange (Bvmac) and the financial market regulator (Cosumaf), the regional development bank (BDEAC), financial sector professionals as well as CEMAC economy and finance ministers. Officials from the West African Monetary Union (WAEMU), the World Bank, and the SBFN are also expected to attend.

The organizers see the upcoming event as the occasion to raise participants’ awareness of the opportunities and benefits of sustainable finance as well as strategies to move the markets toward this type of financing. "This forum will allow the creation of a firm commitment of stakeholders operating in member countries, but also the establishment of a solid connection between the Cemac and international partners for the emergence of sustainable finance in the region," Beac said.

Sustainable finance seeks to promote real economy and long-term projects. It favors financial operations that take into account extra-financial criteria commonly known as ESG criteria (environmental, social, and governance). These criteria include carbon emissions, biodiversity protection, waste management, and societal impacts.

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