Mauritius Commercial Bank (MCB) Ltd, the banking arm of MCB Group, ambitions to become a more prominent player in the African energy landscape, by financing and supporting electrification projects that encourage the use of renewable energy. In this respect, MCB has recently participated in three landmark projects in Ghana, Rwanda, and Nigeria. These projects are crucial milestones in the electrification goals of these respective countries and in their transition from fossil energy to more renewable, low-carbon energy sources. Prior to joining those three projects, MCB applied the Equator Principles to proactively identify and mitigate environmental and social risks.
To limit global warming and mitigate climate change’s worst impacts, MCB recognizes the need for countries around the world to transition to low-carbon economies. This is particularly important for Africa, as existing development challenges such as poverty, food insecurity and instability make it the continent most vulnerable to climate change. However, MCB also recognizes Africa’s complicated energy requirements and the challenge in balancing economic and social progress and access to energy with climate goals.
Africa has the lowest rate of energy access globally – it is estimated that 600 million people lack access to electricity and more than 930 million lack access to clean cooking fuels. While there has been increased investment in the continent’s vast renewable energy potential, this is insufficient to meet growing energy demands. To achieve the continent’s growing electricity needs and help reach its renewable energy goals, MCB can be a financial partner and arranger of choice.