Alongside colleagues Marisa Drew, Dana Barsky and Zarak Pasha, CFA, it was a pleasure to welcome Honourable Justice Nthomeng Majara, Deputy Prime Minister and Minister of Law, Justice and Parliamentary Affairs of #Lesotho, to our event in the UK Pavilion at #COP29 today. It was an even greater pleasure to make public that we are collaborating with the Kingdom of Lesotho and Standard Bank Group to pursue a first-of-a-kind ‘country platform’ to support the country’s ambitions to provide clean affordable power for its people and the wider region. There has been a lot of conversation at COP29 about the vital importance of different organisations coming together to support the de-risking of finance to enable delivery of the #SDGs in emerging markets and developing economies. At today’s event, we looked at examples of how Standard Chartered is leading such work and - equally importantly - how we hope to scale it in the future. We enjoyed a lively discussion with MIGA, Proparco and others about how #blendedfinance structures can be replicated and scaled in support of climate outcomes. ‘Programmatic Blended Finance’ is a term we’re using to describe how we hope to scale blended finance: moving beyond single projects through both thematic #partnerships with MDBs/DFIs and through #countryplatforms where a range of partners can cooperate to identify barriers to private investment, support long-term policy and regulatory reform, and discuss where concessional capital can be used most effectively in-country. My colleagues Isabel Stainsby and Sona Shahdadpuri and I are therefore really delighted to be working with wider colleagues and our friends at Standard Bank Group to support the Kingdom of Lesotho to establish how the ‘His Majesty King Letsie III Just Energy Transition Fund’ can be leveraged to build out renewable energy to fulfil domestic demand in Lesotho and build surplus generation to export neighbouring Southern Africa. It’s a fantastic opportunity to help support a developing economy in ending energy poverty whilst delivering on climate goals.
Attracting Private Capital: Blended Finance Structures use public or philanthropic capital to de-risk private sector investments, making them more attractive to private investors. When public funds are used strategically, blended finance can leverage additional private capital, maximizing the impact of public resources most importantly accelerate development and build a more sustainable future.
Chaka Nkofo
1mo
This is great news indeed John Murton, as the Lead Africa Partner at Board Excellence based in Maseru, Lesotho 🇱🇸 I would be thrilled to support this noble initiative from a Corporate Governance and Sustainability perspective. Kindly reach out to me through a DM for any initial exploratory collaboration discussions.
Mitch Blaser
1mo
John Murton it's great to read about this collaboration to develop a country platform with Lesotho. I'm there regularly working on connectivity, energy and health. I will reach out directly to see if there are areas we can advance together.
Joan M. Larrea
1mo
Congrats, great to see a country-wide and country-led #blendedfinance endeavor! John Murton Standard Chartered Marisa Drew Dana Barsky
Independent Economist
3wThis “country platform” needs to be more than empty words and fairy stories. Donor countries need to put enough real money in on really concessional terms, their commitments need to be transparently monitored, and the Global South will need to call out the Global North if the North fails to deliver. Money and transparency, not empty rhetoric, need to be the watchwords.