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COP22: From Agreement to Action
Since 2005, IFC has provided more than $15 billion in long-term financing for climate-related projects. © CPFL
The historic global agreement on climate change reached in Paris a year ago will create unprecedented opportunities for climate-related investments in emerging markets through 2030.
In December 2015, 195 nations pledged to keep global warming below 2 degrees Celsius by the end of the century. The agreement entered into force on November 4. Countries are now submitting their national plans to deliver on that undertaking.
Adopting a low-carbon growth path will require increasing the amount energy generated from renewable sources, advancing sustainable forest management, and boosting energy efficiency. Countries are also contemplating ways to strengthen their capacity to tackle the adverse consequences of rising temperatures.
The actions necessary to achieve the priorities of the Paris Agreement will be at the center of the discussions at the 22nd session of the Conference of the Parties (COP22), which will take place in Marrakesh, Morocco, from November 7 to 18.
Leveraging the Private Sector
The public sector alone cannot address this enormous challenge. Private enterprises have the ingenuity and innovation needed to establish projects that will allow countries to grow on a low-carbon path. They also have the capacity to raise much-needed capital that will support these projects—as long as investors have the confidence that the right policies are in place.
IFC is a key player in the international development community in supporting the private sector in its fight against climate change. This includes accounting for climate risk, scaling climate investment, and catalyzing private capital.
Since starting to track the climate-smart components of our investments and advisory services in 2005, IFC has provided about $15.3 billion in long-term financing for renewable power, energy efficiency, sustainable agriculture, green buildings, and private sector adaptation to climate change. In addition to that, we mobilized $10.1 billion for climate-smart investment.
IFC will host three panel discussions during COP22 as part of the Business Hub organized by the International Emissions Trading Association (IETA). For more information about the panels, click on the links below:
A Trillion Dollar Opportunity
November 14, 10:30 am – 12:30 pm GMT
Renewables in the Middle East & North Africa: Mission Possible
November 14, 2:00 pm – 4:00 pm GMT
Green Bonds for Green Economies
November 15, 8:30 am – 11:00 am GMT
- Follow IFC at COP22: @IFC_org using #IFCClimate
- Watch the events @Facebook Live
- Read about IFC at COP21
Published in November 2016
See examples of IFC’s impact on climate: