IFC will lend €20 million to Chalybs Cylinders of Thailand to help finance construction of a manufacturing plant that will produce seamless fuel tanks critical for the production of vehicles powered by compressed natural gas (CNG).
IFC hosted the inaugural International ESCO Finance Conference in Johannesburg, South Africa. The conference promoted the ESCO model as one option to finance energy efficiency and promote sustainable economic growth.
Working with the All-Russia Association of Home Owner Associations and the Center for Energy Efficiency, IFC developed a specialized training program to educate home owners on how to assess the energy efficiency potential of their buildings.
Climate change is one of the biggest challenges to development today. And while public policy responses are critical in addressing it, the private sector must also step up and play a leading role, providing innovative business solutions. It is estimated that 80 percent of the investment required to stabilize the climate must come from the private sector. IFC works with international partners to catalyze resources and to help business fill financing and knowledge gaps in areas such as renewable energy, more efficient technologies and proven measures for emissions reduction.
For us, climate business is a strategic priority. In each of the last two years, IFC has invested $1.7 billion in clean energy and climate friendly projects. This represented 14 percent of total commitments. IFC is looking to grow its climate business to 20 percent of its long term finance (and 10% of its trade finance) by 2015.
Business as usual is not an option for a sustainable future. Now is the time to change the way we use and allocate resources: this will require a combined effort, involving large-scale government and private sector actions together to address the inevitable, unprecedented demand for resources.