Filed under: CleanTech, Climate Change, Green Building, Sustainability | Tags: Green Building, Incentives, Renewable Energy
The World Bank’s International Finance Corporation (IFC) invests significant funding in projects in the developing world that are majority-owned by the private sector. In October, the IFC announced the creation of a new Climate Business Group that will integrate and promote financing of climate-related projects, including those supporting renewable energy, energy efficiency, “green” construction, water and waste management, sustainable agriculture, forestry, and distribution, and clean tech initiatives. The group’s goal is to increase such investments to at least 20 percent of the IFC’s overall commitments within three years, increasing the current program to $3 billion a year.
Targeted for these investments are developing countries within: Sub-Saharan Africa, East Asia and the Pacific, South Asia, Europe & Central Asia, Latin America and the Caribbean, and Middle East and North Africa. The IFC seeks to leverage its financing to enhance private sector investment, and offers advisory services as well as an array of financial products and services.
In its recently issued annual report, the IFC noted that it invested a record $1.64 billion in clean energy projects in fiscal year 2010, leveraging that to a total of $6.8 billion. Climate-change related projects accounted for 15 percent of the IFC’s Advisory Service program.
A copy of the IFC’s October 4, 2010 press release can be found here. Additional information about IFC and its activities is available here.
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