Climate change is one of the biggest challenges to development today. And while public policy responses are critical in addressing it, the private sector must also step up and play a leading role, providing innovative business solutions. It is estimated that 80 percent of the investment required to stabilize the climate must come from the private sector. IFC works with international partners to catalyze resources and to help business fill financing and knowledge gaps in areas such as renewable energy, more efficient technologies and proven measures for emissions reduction.
For us, climate business is a strategic priority. In each of the last two years, IFC has invested $1.7 billion in clean energy and climate friendly projects. This represented 14 percent of total commitments. IFC is looking to grow its climate business to 20 percent of its long term finance (and 10% of its trade finance) by 2015.
Part of the Financial Markets team in Western Europe is devoted towards Climate Business and promoting business development in this sector with companies that are headquartered in one of the 19 countries for which they have a mandate.