Energy and Climate Business
As the world experiences more unpredictable weather events and natural disasters, climate change mitigation and sustainable energy generation become increasingly important. In fiscal 2016, IFC provided over $800 million to support 22 climate-smart investment projects in Europe and Central Asia, helping its clients improve resource and energy efficiency, expand sustainable urban infrastructure, and increase access to renewable energy.
Over $220 million of the total was invested in green buildings projects in Turkey, Bulgaria and Georgia, helping to reduce water, heat and energy consumption and losses in commercial buildings. About $240 million was directed to renewable energy projects in Turkey and Armenia, to support the rehabilitation and development of hydro, solar and wind power stations.
A particularly important theme for IFC was sustainable cities, which focuses on developing modern, energy-efficient urban infrastructure, including public transport, water and solid waste management, through state-of-the-art projects and public-private partnerships. In FY16, IFC supported the expansion of the Istanbul metro and Heksagon waste management company in Turkey, which offers solutions to turn urban solid waste into energy and fertilizer, and is now looking for similar sustainable projects across the region.
The year also marked IFC’s first green bonds transaction in the region with the Turkish Bank TSKB, to attract institutional investors to finance a portfolio of green projects across industries.
Examples of What We Do: