Washington, D.C., October 5, 2011
— IFC, a member of the World Bank Group, and the European Bank for Reconstruction and Development are helping local and international businesses in Turkey better plan for and adapt to growing challenges linked to climate change.
In collaboration with Turkey’s Ministry of Environment and Urbanization and the Union of Chambers and Commodity Exchanges of Turkey, IFC and EBRD will manage a year-long market study designed to give the private sector new tools to help anticipate and respond to the effects of climate change. The initiative will work with Turkish businesses large and small to address needs for achieving climate resilience in the private sector.
In recent workshops held in Ankara and Istanbul hosted by the Union of Chambers and Commodity Exchanges of Turkey and the Ministry of Environment and Urbanization, business leaders and representatives of the public sector and civil society joined IFC, EBRD, and government officials to discuss various climate-change effects and their relation and importance to businesses. They also observed gaps and barriers towards adaptation, and identified opportunities related to climate investments.
"Investing in a sustainable future is a smart business decision,” said Mohsen Khalil, Global Head of IFC’s Climate Business Group. "Yes, it is about working towards the public good, but equally important, for the private sector, there is a strong financial incentive to evolve towards sustainable business models that incorporate climate risk. Investing now in climate-adaptable strategies and operations is by far less costly than having later to cope with the uncertainties of a vulnerable environment."
According to Terry McCallion, EBRD Director for Energy Efficiency and Climate Change, investment in climate-change mitigation—including in energy efficiency and renewable energy—is off to a good start.
"However, it is essential that long-term investment decisions and business plans start to consider the consequences of climate change. The related risks and opportunities are less well understood. Consequently, it is important for international financial institutions to cooperate and work with governments to raise awareness in the private sector. This will be an important study in that regard," he added.
The new joint study is the latest effort in the EBRD and IFC’s collective commitment to tackle climate change through a well-balanced approach that entails both mitigation—by reducing greenhouse-gas emissions—and adaptation, by coping with the inevitable impacts of climate change.
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. We help developing countries achieve sustainable growth by financing investment, providing advisory services to businesses and governments, and mobilizing capital in the international financial markets. In fiscal 2011, amid economic uncertainty across the globe, we helped our clients create jobs, strengthen environmental performance, and contribute to their local communities—all while driving our investments to an all-time high of nearly $19 billion. For more information, visit