IFC is developing new methods to calculate the carbon footprint of its investments, test the implications of assigning a price to carbon as a proxy for climate change costs, identify the financial risks of climate change, and evaluate how corporate value may be differentially affected by climate change policies. This is in addition to IFC’s Performance Standards, which require reporting of emissions from projects expected to result in 100,000 tons CO2 equivalent or more per year. In February 2009, IFC started collecting data on the carbon emissions of its real sector investment portfolio using the Carbon Emissions Estimator Tool (CEET) The CEET was developed to be a simple carbon accounting tool applicable to IFC projects. It is user-friendly, requiring input data available to project appraisal teams, and capable of calculating alternate emission scenarios for process improvements. We gratefully acknowledge the Agence Française de Développement for making available their Bilan Carbone to IFC. The CEET will be posted to this site in Spring, 2010.