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Japanese Loan to Support Indian Green Projects (Int'l. Report)
Japan International Cooperation Agency
Date: 2021-04-05
In Tokyo, the Japan International Cooperation Agency (JAIC) reports it will loan up to ¥10 billion ($90 million)to India's Tata Cleantech Capital Ltd. -- a joint venture between Tata Capital and the World Bank-backed International Finance Corporation (IFC). Tata Cleantech Capital Ltd. will use the funds to provide "green loans" to companies that focus on energy efficiency, renewable energy , and others aimed at cutting carbon emissions and mitigating the impact of climate change.

Tata Cleantech Capital has to date contributed to the development of 9.8 million kilowatts renewable energy and the reduction of 15.1 million tons of carbon dioxide. India has pledged to reduce greenhouse gas emissions per GDP by 33 to 35 pct by 2030 from the 2005 level under the 2015 Paris Climate Agreement. (Source: Japan International Cooperation Agency, PR, Kyodo News, 3 Apr., 2021) Contact: Japan International Cooperation Agency, www.jica.go.jp; Tata Cleantech Cap., www.tatacapital.com/tccl.html

More Low-Carbon Energy News Japan International Cooperation Agency,  Renewable Energy ,  


World Bank Releases New Climate Action Plan (Ind. Report)
World Bank
Date: 2021-04-05
Last week in Washington, the World Bank (WB) announced a new Climate Change Action Plan aimed at helping developing countries achieve measurable reductions in greenhouse gas emissions and pledging to mobilize large-scale resources to aid the transition away from fossil fuels. The Plan will increase climate finance, focus on climate results and impact, improve and expand climate diagnostics and reduce emissions and climate vulnerabilities in key systems.

The World Bank, the largest multilateral provider of climate finance for developing countries, provided $83 billion in climate finance over the past five years, peaking at $21.4 billion in 2020.

Under the new plan, 35 pct of WB financing will have climate co-benefits, on average, over the next five years and 50 pct of WB climate financing will support climate change adaptation and resilience -- up from the 26 pct achieved on average in FY16-20 and an even more in dollar terms. The new Climate Change Action Plan will:

  • Focuse on climate results and impact -- WB will focus on measuring results and achieving impact, through a greater focus on greenhouse gas emissions reduction, adaptation and resilience goals, supported by new metrics.

  • Improving and expanding climate diagnostics -- WB will build a strong analytical base at the global and country level, including introducing new Country Climate and Development Reports that will support preparation and implementation of Nationally Determined Contributions (NDCs) and Long-Term Strategies (LTSs), and which will feed in to all WBG Country Partnership Frameworks.

  • Reducing emissions and climate vulnerabilities in key systems: -- WB will support transformative investments in key systems that contribute the most to emissions and have the greatest climate vulnerabilities: for example, energy, food systems, transport, and manufacturing.

  • Aligning our financing flows with the goals of the Paris Agreement -- The Bank Group is committed to aligning financing flows with the objectives of the Paris Agreement. For the World Bank, we plan to align all new operations by July 1, 2023. For the International Finance Corporation (IFC) and the Multilateral Investment Guarantee Agency (MIGA), 85 percent of new operations will be aligned by July 1, 2023 and 100 percent of these by July 1, 2025.

  • The World Bank Group has been instrumental in helping countries address climate change -- including delivering over $83 billion in climate finance over the past five years and reaching the highest level in a single year in 2020 at $21.4 billion. Through this plan, we will be doing more in terms of both dollars and impact.

    The World Bank Group reiterated it “will work with all stakeholders to address climate change challenges head on and support our clients to unlock the benefits of green, resilient and inclusive development." (Source: World Bank Group, PR, April , 2021)Contact: World Bank, International Finance Corporation, www.ifc.org

    More Low-Carbon Energy News World Bank,  Climate Change,  


  • Nepal, World Bank Ink Emissions, Deforestation Agreement (Int'l.)
    Nepal, World Bank
    Date: 2021-03-01
    In Kathmandu , the Government of Nepal is reporting $45 million Emissions Reductions Payment Agreement (ERPA) has with the World Bank International Finance Corporation (IFC) aimed at supporting the Himalayan country's effort to decrease carbon emissions from deforestation and forest degradation through 2025.

    The initiative will focus on improving community-based forest management, improving integrated land use planning and promoting alternative energy sources. It is also expected to support Nepal's Emission Reductions Programme aims to reduce 9 million tpy of carbon emissions, lower rates of deforestation and forest degradation across 2.4 million hectares of resource-rich land, including 20 pct of the country’s forest cover in the Terai Arc Landscape. (Source: Gov. of Nepal, Energy Live, World Bank IFC, 1 Mar., 2021) Contact: World Ban, International Finance Corporation, www.ifc.org

    More Low-Carbon Energy News World Bank,  Reforestation,  Deforestation,  Carbon Emissions,  Climate Change,  


    UK-IFC Supports Indian Energy Efficient Housing Finance (Int'l.)
    International Finance Corporation
    Date: 2020-12-07
    The Washington, DC-based International Finance Corporation (IFC), a member of the World Bank Group, is reporting an agreement with Aavas Financiers Ltd, a retail, affordable housing mortgage lender, and Aavas Foundation to help boost green housing opportunities and scale green housing finance in India. The agreement is expected to encourage the demand for and construction of green buildings and is in line with Indian government's "Housing for All" program.

    The project, which aims to increase the scale of energy efficient green construction and mortgage finance, is also being supported by the UK-IFC market accelerator for green construction (MAGC) Program -- a partnership between IFC and the Government of the United Kingdom. (Source: International Finance Corporation, PR, Economic Times, 7 Dec., 2020) Contact: International Finance Corporation, www.ifc.org; Aavas Financiers, www.aavas.in

    More Low-Carbon Energy News International Finance Corporation news,  IFC news,  Green Housing news,  Energy Efficiency news,  


    World Bank Supports S.African Energy Efficiency Study (Int'l.)
    World Bank
    Date: 2020-11-18
    The World Bank reports the issuance of a $305,000 grant for South Africa for the Climate Change Trust Fund for South Africa: Development of Sustainable Financing Mechanisms for Demand-Side Energy Efficiency Market Transformation, a study of sustainable financial mechanisms for demand-side energy efficiency market transformation for the South African National Energy Development Institute (SANEDI) and the South African Department of Mineral Resources and Energy (DMRE).

    The two organizations will use the study to identify and develop appropriate financing mechanisms that can be used to leverage private sector participation and the mobilization of capital to address the financing needs for delivering the measures laid out in the National Energy Efficiency Strategy.

    The study has a particular focus on the public, agriculture and industrial sectors which combined, represent about 45 pct of South Africa's total energy consumption. (Source: World Bank, Creamer Media, 17 Nov., 2020) Contact: South African National Energy Development Institute , Barry Bredenkamp. Energy Efficiency GM, +27 11 038 4300, www.sanedi.org.za; World Bank International Finance Corporation, www.ifc.org

    More Low-Carbon Energy News World Bank,  Energy Efficiency,  


    O2 Power, Ayana After Azure Power Global Solar Assets (Int'l. M&A)
    O2 Power, Ayana Renewable Power
    Date: 2020-09-28
    India's O2 Power and Ayana Renewable Power have reportedly emerged as the front-runners to acquire Azure Power Global's 305 MW rooftop solar assets valued at in a potential deal valued at roughly $200 million. The deal is reportedly backed by International Finance Corporation (IFC) and Canadian pension fund Caisse de depot et placement du Quebec (CDPQ).

    O2 Power is a $500-million renewable energy platform with an 800 MW solar portfolio in Andhra Pradesh and Rajasthan, according to the company website. (Source: O2 Power, Mint, 27 Sept., 2020) Contact: Azure Power, Ranjit Gupta, CEO, +91-11-4940-9854, pr@azurepower.com, www.azurepower.com; O2 Power, info@O2power.in, www.O2power.in; Ayana Renewable Power, +9180-48511001, www.ayanapower.com

    More Low-Carbon Energy News O2 Power,  Ayana,  Azure Power,  Solar,  


    IFC Commits $2Tn to Indian Green Bldg. Effort (Int'l. Report)
    International Finance Corporation
    Date: 2020-09-21
    The Washington, DC-headquartered World Bank International Finance Corporation (IFC) reports it will provide $2 trillion to the government of India to improve public transport, expand renewable energy sources and develop green buildings.

    According to IFC Country Head Jun Zhang, IFC is committed to urban and smart city development projects in India. (Source: IFC, PR, The Dispatch, 19 Sept., 2020) Contact: IFC, (202) 473-3031, www.ifc.org

    More Low-Carbon Energy News International Finance Corporation,  Green Building,  


    World Bank Supports Rwandan Affordable Energy, Efficiency (Int'l.)
    World Bank
    Date: 2020-09-21
    The World Bank is reporting a $150,000,000 commitment to the Rwanda Energy Access and Quality Improvement Project (EAQIP). Of the total, $75 million will be grant funding and $75 will be provided as a loan to improve access to affordable modern energy and to enhance the efficiency of energy services in Rwanda.

    EAQIP is intended to forward Rwanda's progress towards achieving UN Sustainable Development Goal 7 (SDG7) to ensure access to affordable, sustainable and modern energy while contributing to the country's goal of cutting the country's reliance on cooking fuel by 50.

    EAQIP will provide funding for the country's ongoing program of expanding grid connections for residential, commercial, industrial, and public sector consumers, as well as reducing the costs of off-grid residential solar systems. (Source: World Bank, PR, Sept., 2020)Contact: World Bank International Finance Corporation, www.ifc.org

    More Low-Carbon Energy News World Bank,  Energy Efficiency,  


    IFC's CAFI Helps Financials Measure Climate Impact (Ind Report)
    International Finance Corporation
    Date: 2020-09-21
    The Washington-based International Finance Corporation (IFC), a member of the World Bank Group, has updated its first-of-a-kind online climate impact measurement platform to help financial institutions assess the climate eligibility of their investments and estimate the development impact of their climate-related activities.

    Version 2.1 of the Climate Assessment for Financial Institutions (CAFI) platform gives users new insights through graphics, enhanced climate metrics, and improved key performance indicators. The platform incorporates feedback from IFC's industry experts and the broader community of financial institutions.

    Present;y, 120 financial institutions have access to CAFI, with $5.8 billion of climate disbursed loans reported through the platform. The resulting impact captured through CAFI is an annual reduction of 12.1 million tons of carbon dioxide equivalent, 26.2 GWh of renewable energy generated, 1.1 million square meters of green area built, and 1.7 million cubic meters of water saved.

    CAFI will be updated to ensure its climate metrics and eligibility criteria stay in line with IFC's Definitions for Climate-Related Activities and IFC's GHG Reduction Accounting Guidance for Climate-Related Projects. Download CAFI details HERE. (Source: IFC, PR, 14 Sept., 2020) Contact: IFC, Jay Pulizzi, (202) 473-3031, hpulizzi@ifc.org, www.ifc.org

    More Low-Carbon Energy News International Finance Corporation Climate Change,  


    Green Building Certification Launched in Namibia (Int'l. Report)
    International Finance Corporation
    Date: 2020-09-02
    In Namibia, the World Bank's International Finance Corporation (IFC) reports it is partnering with Bank Windhoek to launch Excellence in Design for Greater Efficiencies (EDGE) software that will enable the certification of green buildings to facilitate their financing. The EDGE initiative also aims to compensate for the lack of a local certification body.

    EDGE software allows the evaluation of a building's energy consumption, energy efficiency and overall "green" features including: low-flow faucets to reduce water consumption; wastewater management systems; efficient HVAC systems; insulation; green building materials and others.

    With EDGE software, certified green real estate projects are projected to achieve a 20 pct reduction in energy and water consumption compared to conventional buildings. (Source: IFC, Afrik21, Sept., 2020) Contact: World Bank International Finance Corporation, www.ifc.org

    More Low-Carbon Energy News Green Building,  Energy Efficiency,  International Finance Corporation ,  


    IFC Invests in Globaltronics Energy Efficient Smart Meters (Int'l.)
    International Finance Corporation
    Date: 2020-06-29
    The World Bank subsidiary International Finance Corporation (IFC) is reporting a $10 million investment in power grid solutions provider Globaltronics .

    The investment will facilitate the implementation of Globaltronics' energy efficient "smart" electric meter replacement project in Egypt, and is in line with the Egyptian government's ongoing energy reforms program. (Source: International Finance Corporation, Afrik21, 29 June, 2020) Contact: International Finance Corporation Globaltronics, www.globaltronics.net

    More Low-Carbon Energy News International Finance Corporation,  Smart Meter,  Energy Efficiency,  


    WB Funding Supports Pakistan's Climate Change Fight (Int'l.)
    World Bank
    Date: 2020-06-03
    In Islamabad, the Prime Minister's office is reporting a 5-year, $188 million funding agreement with the World Bank (WB).

    The funding is to support Pakistan's Hydromet and Ecosystem Restoration Services Project and will provide financial and technical support to disaster resilience and ecosystem restoration initiatives through more reliable and timely weather forecasting, improved disaster risk management services and overall environmental sustainability as well as help Pakistan achieve its green growth targets.It will also support the country's "10 Billion Tree Tsunami Afforestation Project" aimed at bolstering plantations and nature-based solutions to Pakistan's climate change adaptation and mitigation objectives. (Source: World Bank, Profit, 2 June, 2020)Contact: World Bank International Finance Corporation, www.ifc.org

    More Low-Carbon Energy News Climate Change,  World Bank,  Pakistan Climate Change,  


    World Bank Issues $28.6Mn Blue Economy Bond (Int'l. Report)
    World Bank
    Date: 2019-11-27
    The World Bank International Bank for Reconstruction and Development is reporting the issuance of a $28.6 million five-year Sustainable Development Bond as part of ongoing efforts to focus attention on the sustainable use of oceans and coastal areas -- the "Blue Economy." Credit Suisse Securities (Europe) Ltd., through its Impact Advisory and Finance Department, acted as the sole manager of the transaction.

    World Bank bonds support the financing of sustainable development projects and programs designed to promote strong governance of marine and coastal resources to support sustainable fisheries and aquaculture, reduce pollution in waterways and oceans and address climate change. The World Bank issues $50-$60 billion in the global capital markets every year.

    "Absorbing approximately 30 pct of the CO2 created by humans and generating 50 pct of the world's oxygen, yet significantly underfunded from a private capital perspective, ocean health is critical," according to Marisa Drew, CEO of the Impact Advisory and Finance Department at Credit Suisse.

    (Source: World Bank, Credit Suisse, The Asset, Nov., 2019) Contact: World Bank International Finance Corporation, www.ifc.org; Credit Suisse, www.credit-suisse.com

    More Low-Carbon Energy News Credit Suisse,  World Bank,  Low-Carbon Economy,  


    WB Loan Supports Armenian Climate Change Initiatives (Int'l Report)
    World Bank
    Date: 2019-11-25
    The Amenian press service is reporting the World Bank (WB) has given the nod to a €45.8 million ($50 million) loan for the Armenia Governance Development Policy Operation (DPO) which supports the government's efforts to strengthen economic, fiscal, public sector governance and other initiative, including addressing climate change.

    As part of the World Bank's global commitment to climate change mitigation and adaptation, this operation will also support the assessment of the climate change impact of new regulations, as part of the implementation of a Regulatory Impact Assessment Framework, thus enabling policymakers to make quantitative assessments and informed decisions on climate change adaptation and mitigation initiatives and related legislative and regulatory packages. (Source: ARMENPress, 22 Nov., 2019) Contact: World Bank International Finance Corporation, www.ifc.org

    More Low-Carbon Energy News World Bank,  Climate Change Mitigation,  Climate Change Adaptation,  


    $150Mn IFC Fund Supports Ukraine Energy Efficiency (Int'l Report)
    International Finance Corporation
    Date: 2019-11-01
    The International Finance Corporation (IFC), a member of the World Bank, reports it is providing up to $150 million (€134,36 million) to assist sustainable energy investments in Ukraine. The IFC financing initiative follows the launch of a new Ukraine wholesale energy market in July 2019 -- a necessary move to qualify for EU Commission assistance. The energy market launch led to higher electric power costs for Ukraine's large and reportedly inefficient and outdated industrial sector. (Source: IFC, Smart Energy, 31 Oct., 2019)Contact: World Bank International Finance Corporation, Georgina Baker, VP Europe, www.ifc.org

    More Low-Carbon Energy News International Finance Corporation ,  Energy Efficiency,  


    IFC's 1st Canadian Green Bond Raises $750Mn (Ind. Report)
    International Finance Corporation
    Date: 2019-09-09
    The World Bank's International Finance Corporation (IFC) is reporting issuance of its first Canadian dollar green bond raised $750 million (Cdn) ($569 million US) for climate-smart business.

    The proceeds of the five-year green bond will finance IFC low-carbon investments in green projects, including renewable energy, green buildings, sustainable forestry, and energy efficiency. Approximately half of the investments were from Canadian interests Canadian, followed by Asian (26 pct), EMEA (16 pct) and the Americas (8 pct). IFC issued it firs Green Bond its first issuance in 2010. (Source: IFC, Saur Energy, 7 Sept., 2019) Contact: World Bank International Finance Corporation, www.ifc.org

    More Low-Carbon Energy News International Finance Corporation,  Green Bond,  Low-Carbon Energy,  


    EU Earmarks €100Mn for Ukraine Energy Efficiency (Int'l.)
    European Energy Efficiency Fund
    Date: 2019-09-06
    In Kiev, Ukrinform, the Ukrainian new agency is reporting the European Union (EU) has allocated €80 million ($88.2 million U.S.) under the European Energy Efficiency Fund (EEEF) to support a Ukrainian energy modernization program. The EU also added another €20 million ($22 million U.S.) for technical assistance in the implementation of the program.

    In July, the EU-backed EEEF has signed an agreement with the International Finance Corporation, a member of the World Bank Group, under which the partners will allocate $235 million to upgrade Ukraine's energy efficiency for some 6,000 homes over a four-year period. (Source: Ukrinform, Xinhua, 5 Sept., 2019) Contact: European Energy Efficiency Fund, www.eeef.eu

    More Low-Carbon Energy News Energy Efficiency Funding,  


    IFC, Bank Windhoek Introduce Green Building Software (Int'l.)
    International Finance Corporation
    Date: 2019-08-21
    In Namibia, Bank Windhoek and the World Bank's International Finance Corporation (IFC) are reporting the joint introduction free to use Excellence in Design for Greater Efficiencies (EDGE) green building certification system for emerging markets.

    Developed and created by the IFC, EDGE is a measurable way for builders to optimize their designs, leading to a more investment-worthy and marketable product. EDGE helps project design teams and owners identify and assess the most cost-effective ways to incorporate energy and water saving options into nuilding projects.

    In December 2018, Bank Winhoek and IFC collaborated to develop the Bank's Green Bond Framework for the Green Bond. The Bank obtained additional sources of funding for its green lending activities by raising funds in the debt market through a local Green Bond issuance, of which the proceeds will be used solely to finance eligible green projects and assets throughout Namibia. (Source: IFC, Bank Windhoek, New Era, 20 Aug., 2019) Contact: Bank Windhoek, www.bankwindhoek.com.na; World Bank International Finance Corporation, www.ifc.org

    More Low-Carbon Energy News International Finance Corporation ,  


    Costa Rica Borrows $35Mn for Green Energy Projects (Funding)
    World Bank Group International Finance Corporation
    Date: 2019-07-24
    The World Bank Group International Finance Corporation (IFC) is reporting a S$ 35 million loan to support and incentivise the issuance of a green bond by Davivienda Costa Rica, the third largest private bank in Costa Rica. The loan will contribute to the funding sustainable buildings, energy efficiency and small-scale renewable energy generation and bioenergy projects under the "green lending standards" as set out by the Zurich-headquartered International Capital Markets Association. (Source: World Bank Group International Finance Corporation, July, 2019) Contact: World Bank Group, www.worldbank.org; World Bank Group International Finance Corporation, www.ifc.org; International Capital Markets Association, www.icmagroup.org

    More Low-Carbon Energy News World Bank,  Green Energy,  


    Green Bond Raises $410Mn for Asian Low Carbon Projects (Int'l)
    AC Energy,Ayala
    Date: 2019-02-11
    In the Philippines, AC Energy, the energy platform of one of the largest conglomerates located in the Philippines, Ayala Corporation, reports it raised $410 million (US) in its first Climate Bond Initiative listed on the Singapore Exchange. The International Finance Corporation (IFC), a member of the World Bank Group, provided an anchor investment of $75 million to complete the public placement of the bonds. AC Energy added a private placement of $110 million in climate bonds for 10 years and the Asian Development Bank (ADB) invested $20 million in the transaction, which is paying a coupon of 5.25 pct.

    Proceeds from the bond offering are earmarked for AC Energy's low-carbon energy projects in the Asia-Pacific region. The bonds received pre-issuance certification as climate bonds under the Climate Bonds Standard (CBS). (Source: AC Energy, Asset ESG Forum, 10 Feb., 2019) Contact: AC Energy , Eric Francia, Pres., CEO, www.acenergy.com.ph; Ayala, www.ayala.com.ph/ac-energy

    More Low-Carbon Energy News Ayala,  AC Energy,  Climate Change,  Green Bond,  Renewable Energy,  


    World Bank Earmarks $200Bn for Climate Change Fight (Int'l)
    World Bank
    Date: 2018-12-05
    The World Bank has announced its investment of $200 billion over 5 yrs to fund the fight against climate change. The funding is for a new set of climate targets for 2021-25.

    The $200 billion across the Group is comprised of approximately $100 billion in direct finance from the World Bank, and approximately $100 billion of combined direct finance from the International Finance Corporation (IFC) and the Multilateral Investment Guarantee Agency (MIGA) and private capital mobilized by the World Bank Group. (Source: World Bank, Various Media, Climate Action, 4 Dec., 2018)Contact: World Bank Group, www.worldbank.org

    More Low-Carbon Energy News World Bank,  Climate Change,  


    ENGIE Inks 25-year Senegalese Solar PPA (Int'l Report)
    ENGIE Africa
    Date: 2018-11-16
    ENGIE Africa reports it has agreed to a 25-year PPA for two solar photovoltaic projects in Senegal, Africa. The deal involves ENGIE's investment partner Meridiam Consortium and Fonsis, the Senegalese Sovereign Fund, and Senelec, a Senegalese off-taker.

    The Senegalese government and International Finance Corporation funded projects which have a combined installed capacity of 60 MW and are part of a wider initiative in Senegal called Scaling Solar. Construction and operation of the two solar projects will be managed and executed by ENGIE. (Source: ENGIE Africa, PEI, 14 Nov., 2018) Contact: ENGIE Africa,www.engie-africa.com/en

    More Low-Carbon Energy News ENGIE,  Solar,  


    Jordanian Wind Farm Finds $71Mn Financing (Int'l)
    International Finance Corporation
    Date: 2018-11-09
    The World Bank's International Finance Corporation (IFC) reports approval of a$71 million financing package for the construction of a new 51-MW wind power plant in Tafileh, southwest of Amman, Jordan.

    The $103 million project is being developed by KOSPO and Daelim Energy, both of Korea.

    IFC is providing a $10 million loan for its own account and also acted as lead arranger, mobilizing parallel loans of $26 million from Managed Co-Lending Portfolio Programme, $27.7 million from the Standard Chartered Bank and $8 million from Korea's Shinhan Bank. The IFC also structured an equity bridge loan of $26 million. (Source: International Finance Corporation, Daehan Wind Power Company, Jordan Times, 7 Nov., 2018) Contact: IFC, (202) 473-1000, www.ifc.org; Daehan Wind Power Company, www.daelimenergy.com

    More Low-Carbon Energy News Wind,  International Finance Corporation ,  


    IFC Komodo Green Bond Raises $134Mn for Climate Investments (Int'l)
    International Finance Corporation
    Date: 2018-10-10
    International Finance Corporation (IFC), a member of the World Bank Group, reports issuance of its inaugural Indonesian rupiah Komodo Green Bond which raised Rp 2 trillion (US$134 million) to support climate friendly Indonesian projects to combat climate change.

    The five-year green bond, which will be listed on both the London Stock Exchange and the Singapore Stock Exchange, will support the local-currency market in Indonesia, funding the first-ever green bond issued in Indonesia by an IFC client, Bank OCBC NISP. The proceeds will finance underlying infrastructure and climate-related projects.

    According to the IFC's just released Green Bond Impact Report, IFC issued 32 green bonds totaling $1.8 billion in the fiscal year that ended June 30. (Source: Jakarta Post, IFC, 8 Oct., 2018) Contact: IFC, Nena Stoiljkovic, VP Asia and the Pacific, (202) 473-1000, www.ifc.org

    More Low-Carbon Energy News International Finance Corporation,  Climate Change,  Green Bond,  

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