Climate change is one of the biggest challenges to development today. According to the World Development Report 2010, approximately 80 percent of the investment needed to stabilize the climate must come from the private sector. The Europe and Central Asia region is responsible for 10 percent of global emissions (three billion tons of CO2 per year), and it emits more greenhouse gas (GHG) per unit of GDP than any other region. Outdated industrial technologies mean energy wastage and unnecessary use of fossil fuels, resulting in poorer air and water quality. To help the private sector address climate change, we are promoting climate-friendly investments in renewable energy, energy efficiency, and cleaner production technologies, all of which significantly reduce GHG. IFC’s major target for the ECA region is tackling climate change through an integrated investment and advisory platform. Key examples of this strategy in practice include:
Invested EUR 155 million (EUR 46.1 million from IFC) in a 60 MWp SunEdison Bulgaria solar power plant that will help Bulgaria meet its renewable energy targets, diversify its renewable energy mix, and reduce carbon emissions.
Facilitated $213 million in financing ($72.5 million from IFC) to 12 Russian banks that helped small and medium enterprises implement 250 energy efficiency projects with an annual energy savings over $35 million and annual energy consumption reduced by 1,674 GWh.