IFC to Scale up Climate Finance in South Africa
Image: Energy Live News
The International Finance Corporation (IFC) has announced plans to catalyze private sector financing – in Egypt, South Africa, the Philippines and Mexico – for climate mitigation and adaptation projects.
The IFC will increase climate lending to participating banks in the four countries to 30% under a new program, “Scaling Up Climate Finance through the Financial Sector,” with a view to better aligning funding strategies with global carbon emissions goals and reducing reliance on coal.
“The banking sector is critical to raising the capital necessary to address the climate emergency and achieve the ambitious goals of the Paris Agreement,” said Paulo de Bolle, Global Director of IFC’s Financial Institutions Group.
The International Climate Initiative of Germany’s Federal Ministry of the Environment, Nature Conservation and Nuclear Safety will fund the first phase of the program.
“This initiative will provide valuable technical assistance that helps banks deliver more capital for climate-friendly projects—reducing their own climate risks, curbing emissions and financing green infrastructure,” de Bolle added.