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Paris, France, December 7, 2015
– IFC, a member of the World Bank Group, convened a panel of CEOs from five prominent emerging-market companies that have championed innovative climate-smart solutions in their respective countries. The panel, which took place as part of the
Caring for Climate Business Forum
at COP21 in Paris, explored new approaches to scaling up green investments in emerging markets.
IFC, the largest global development finance institution supporting the private sector in emerging markets, has been at the forefront of climate change mitigation efforts in the past decade, with a total of $13 billion in long-term finance in projects in renewables, energy efficiency, sustainable agriculture, green buildings, and adaptation. Through its advisory work, IFC has enabled a further $5.4 billion in climate-related investment projects.
IFC’s climate-related interventions last year alone are expected to reduce 9.6 million metric tons of greenhouse gas emissions, the equivalent to taking more than 2 million passenger vehicles off the road.
“Fighting climate change requires the full buy-in and participation of the private sector. It also offers a triple-win: it’s good for business, good for society, and good for the planet,” said Dimitris Tsitsiragos, IFC Vice President for Global Client Services, while offering opening remarks at the panel. “We, at IFC are committed to supporting the private sector’s response to climate change and as part of the World Bank Group, have committed to doubling our investment volume by year 2020.”
An increasing number of companies are acting to address the challenge, either by reducing their own emissions or expanding their businesses in a way that contributes to climate change mitigation and adaptation measures. Companies at the event shared valuable insights and perspectives from a diverse set of industries:
International Housing Solutions
of South Africa is boosting the affordable energy–efficient housing market;
Azure Power
of India
is responding to the government’s challenge to install a hundred gigawatts of renewable energy capacity by 2022;
Hexagon
of Turkey is championing a creative waste-to- energy and fertilizer model
;
Solar Power Company Group
of Thailand is transforming the country’s renewable energy capacity with utility-scale solar farms; and India’s
Mahindra Group
is showcasing its leadership in corporate carbon pricing.
“Our experience working in emerging markets globally points us to vast opportunities for innovation, both in terms of increasing climate-smart investments in emerging markets, and also in implementing new tools to help meet the enormous climate finance gap,” said Christian Grossmann, IFC Director for Climate Change. “We hope these exchanges throughout COP21 will translate into actionable next steps for IFC and our partners.”
About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused on the private sector in emerging markets. Working with more than 2,000 businesses worldwide, we use our capital, expertise, and influence, to create opportunity where it’s needed most. In FY15, our long-term investments in developing countries rose to nearly $18 billion, helping the private sector play an essential role in the global effort to end extreme poverty and boost shared prosperity. For more information, visit
www.ifc.org
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