Tackling climate change in developing countries is one of the World Bank Group’s priorities. In 2004, The World Bank Group Committed to scale up its support for renewable energy and energy efficiency by 20 percent annually through 2010. IFC’s climate change strategy aligns with the World Bank Group’s strategy. IFC and Climate Change Standing between the public and private sectors, IFC brings market-based solutions to the challenge of creating low-carbon economic growth that meets the needs of the poor. IFC helps private companies in emerging markets identify business risks and opportunities associated with climate change. IFC provides financing, in the shape of loans and equity to climate-friendly projects. This includes renewable energy power plants, sustainable forest plantations and clean technologies. IFC also provides its client companies with expert advice on reducing their greenhouse gas emissions and on adapting to potential impacts of climate change to their businesses. Strategy – Investments We have set a target of increasing our climate-friendly investment threefold over the FY2008-11 period, from the $1 billion we did over the preceding three year period. This past year IFC did over $1 billion in energy efficiency, renewable energy and other climate-friendly investment for 27 projects with a total cost of over $5 billion. IFC clean energy projects span the value chain – early stage clean tech, manufacturing (solar cells), power generation (hydro, wind, geothermal, solar), industrial energy supply (biomass power generation, waste heat recovery, industrial efficiency), retail distribution, and consumer financing. We are now thinking about how to set more ambitious targets for our activity. Strategy – Advisory Services IFC has identified areas in which its advisory services can have the largest impact on climate and is seeking to scale up its interventions. We want to mitigate climate change by reducing greenhouse gases emissions through agricultural projects, increasing efficiencies from cleaner production and utility efficiencies. We also support adaptation to the inevitable impacts of climate change by addressing water access and biodiversity issues. Our goal is to extend our direct impact by mobilizing finance for sustainability, working with partners such as financial intermediaries and financiers like the Global Environment Facility and the Climate Investment Funds.