Judging the Impact of Financial Institutions in Financing World Extinction and Options for Smart Loaning for Year 2022 and Beyond

Hildebrand Shayo ()
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Hildebrand Shayo: TIB Development Bank

Africagrowth Agenda, 2022, vol. 19, issue 2, 16-18

Abstract: Swift action and a focus on green investment that is less harm to environment is what financial institutions that include banks, insurers, asset managements, etc., should rethink in their credit extension before these institutions unintentionally finances our own extinction. Undeniably, the sudden and severe crisis brought on by the covid-19 pandemic has dealt a cruel blow to many economies and particularly on African nations, threatening the lives and livelihoods of millions and causing a rapid economic contraction. This has had knock-on effects for various sectors across the world, including banking sector that continues to realign through loans and credits extension designed to support nation’s economic sectors recovers from pandemic effects. With these recovery efforts however, concern is mounting especially after COP26 in Glasgow, Scotland on November 4, 2021, meetings whose focus was on climate change and how actors could help to redress global environmental damage. In this article taking a review of banking sector performance and outlook for 2022, examines financial institutions and in particular banks in financing our own extinction that if no measure is taken could jeopardise world’s future generation.

Date: 2022
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