WASHINGTON, December 12, 2020—IFC, a member of the World Bank Group, and IDB Invest, a
member of the Inter-American Development Bank Group, have agreed to share the Climate
Assessment for Financial Institutions tool or CAFI, IFC’s first-of-its-kind online
impact measurement platform, making it easier for financial institutions to estimate
the climate change related impact of their financial activities.
The new agreement allows two of the leading
multilateral development banks with focus on the private sector to offer CAFI to
a larger number of financial institutions.
The cooperation will also pave the way for
improved transparency and disclosure for public and private investors and other
regulatory bodies that are looking to promote the sustainable development goals.
“In the aftermath of COVID-19, IFC aims to
simultaneously promote green finance and transparency in impact measurement for
the financial services industry through the use CAFI,” said Peter Cashion,
Global Head of Climate Finance in IFC’s Financial Institutions Group.
To date, 121 financial institutions have access
to CAFI with $6.1 billion of climate finance volume reported through the
platform. The resulting impact captured through it, is an annual reduction of
12.3 million tons of carbon dioxide equivalent, 26.7 GWh of renewable energy
generated, 1.2 million square meters of green area built, and 2.7 million cubic
meters of water saved.
“We, at IDB Invest, are committed to providing
our clients with state-of-art tools, such as CAFI, and technical advice in
tandem with our financing to increase the positive impact of the private sector
in Latin America and the Caribbean. The implementation of CAFI will help our clients
quantify in a clear and transparent way their positive impact and contribution
to the fight against climate change,” said Hilen Meirovich, head of Climate
Change at IDB Invest.
CAFI is available to any financial institution
that invests at scale in climate friendly projects. Multilateral development
banks, international financial institutions, banks, and fund managers may
access the platform, which is available here.
About IFC
IFC—a sister organization of the World Bank and
member of the World Bank Group—is the largest global development institution
focused on the private sector in emerging markets. We work with more than 2,000
businesses worldwide, using our capital, expertise, and influence to create
markets and opportunities where they are needed most. In fiscal year 2019, we
delivered more than $19 billion in long-term financing for developing
countries, leveraging the power of the private sector to end extreme poverty
and boost shared prosperity. For more information, visit www.ifc.org
About IDB Invest
IDB Invest, a member of the IDB Group, is a multilateral development bank committed
to promoting the economic development of its member countries in Latin America
and the Caribbean through the private sector. IDB Invest finances sustainable
companies and projects to achieve financial results and maximize economic,
social and environmental development in the region. With a portfolio of $13.1
billion in asset management and 385 clients in 25 countries, IDB Invest
provides innovative financial solutions and advisory services that meet the
needs of its clients in a variety of industries.
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