LOLC Cambodia WINS ‘GLOBAL CLIMATE PARTNERSHIP AWARD 2020/21’
The WINNER: LOCL Cambodia
The microfinance institution, LOLC Cambodia, won the GCPF Award 2020/2021, two years after first partnering with GCPF.
The Fund’s Technical Assistance supported the advancement of an exclusive partnership that allowed financing for the first LPG three-wheeler tuk tuks to be brought into the Cambodian market. Working alongside the Fund’s Energy Specialists, LOLC quantified the environmental and social impact of the new vehicles – critical arguments that helped make the product a success and reach scale.
“The 2020 Award has been focused on Innovation and LOLC has been recognized by the Award Jury for innovation in product design and for using new technologies to aid the development of know-how among loan officers and all staff.”
Ulrike Lassmann, GCPF BoD chair.
The 2020/21 Award evaluated innovation topics focused on original solutions in enabling robust carbon accounting; fintech applications for scaling green lending; innovative awareness raising or marketing measures to promote green technologies; new approaches to mainstream E&S risk management; and new green products or industry collaboration.
“I am personally joyful that when I do the field visits with clients and hear the words: “Thank you LOLC for introducing the three-wheeler. I can earn more, I can save cost on fuel, and I am safer compared to motor or traditional three-wheeler.”
Sok Voeun the CEO of LOLC (Cambodia)
Crowning LOLC Cambodia as the winner of the GCPF Award 2020/21
The first LPG three-wheeler tuk tuks to be brought into the Cambodian market.
“Thank you LOLC for introducing the three-wheeler. I can earn more, I can save cost on fuel, and I am safer compared to motor or traditional three-wheeler.”
LOLC put forward critical arguments that helped make the product a success. This meant making loans to 10,800 clients for USD 38m, which reduced CO2 and other pollutants by at least 24 percent. The ultimate driver for crowning LOLC Cambodia as the winner of the GCPF Award was the extraordinary efforts made to educate just under 2,000 loan officers and other staff on green lending and enabling thousands of loans necessary to implement the program. Furthermore, intelligent use of social media drove awareness and set green lending as a priority for the organization.