$60M Financing to Help Brazilian Businesses to Improve Energy EfficiencyJanuary 12th 2018
THE International Finance Corporation (IFC) is providing $60 million investment to aid Brazilian companies with new technologies that are more energy efficient and eco-friendly.
The money is being supplied to Societe Generale Equipment Finance S.A. Arrendamento Mercantil (SGEF Brazil), the international equipment and vendor finance specialist of the Societe Generale group. It will be denominated in Brazilian local currency will help companies to replace their outdated machinery, equipment, or vehicles with newer energy efficient and eco-friendly technologies. This will help Brazilian businesses grow in a sustainable way and reduce their carbon footprint.
By making climate-smart equipment – energy efficient lighting systems or hybrid vehicles – more widely available, IFC’s investment is expected to reduce greenhouse gas emissions by 220,000 tons of CO2 equivalent per year, which is roughly comparable to taking 47,000 cars off the road.
Combating climate change is a priority for Brazil, which has committed to voluntarily reducing its emissions. To meet its targets, Brazil must improve financing for climate change adaptation and mitigation efforts. Leasing enables companies to acquire climate-smart equipment while gaining access to finance at longer tenors than otherwise possible.
Picture of São Paulo by Leandro Centomo – Flickr, Public Domain.
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