IFC continues to develop tools and methods to assess climate change impacts. In the face of climate variability and a carbon constrained future, the purpose is to enable our staff and clients with the best possible information for business decisions.
In addition, our corporate Sustainability Framework articulates IFC's strategic commitment to sustainable development and is an integral part of our approach to risk management. The Framework helps our clients do business in a sustainable way. It promotes sound environmental and social practices, encourages transparency and accountability, and contributes to positive development impacts. IFC's Performance Standards, which are part of the Sustainability Framework, have become globally recognized as a benchmark for environmental and social risk management in the private sector.
As part of this commitment, IFC has a dedicated "Footprint Program" responsible for leading the corporation in its Footprint Commitment. The Program works closely with a senior-level advisory committee, a network of “Footprint Champions,” and key departments across the World Bank Group. Together, the Program and its partners implement corporate initiatives, engage staff, monitor and report progress, and identify opportunities for IFC to be a leader amongst its peers.
To help its clients understand and respond to the risks of climate change, IFC is developing best practices in assessing private sector risk and adaptation strategies. In 2008, IFC initiated the Climate Risk Program, a series of pilot studies that analyzes climate risks and adaptation options for projects taken from different sectors and regions.
IFC tracks the GHG reductions of its climate related projects to understand emissions implications of IFC’s investments, as an additional form of business risk analysis, and the development–GHG emission trade off.
As a focal point for tracking climate change policy developments and their relevance to IFC, the Climate Business Group is also often called upon to participate on behalf of the Corporation in international governmental and business events and initiatives addressing climate change and the broader global environmental agenda.