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Climate change is one of the greatest development challenges of our time. Left unchecked, it will push 132 million people into poverty over the next ten years. Further, the people who contribute the least to climate change will suffer the most from its effects. The world needs to cut its greenhouse gas emissions at an unprecedented speed and scale.
On the other hand, climate is also a major economic opportunity that can promote growth, create jobs, and accelerate the transition to low-carbon development. Our research shows that climate business can generate $23 trillion in investment opportunities, create 213 million cumulative jobs, and achieve 4 billion tons of CO2e reduction in developing countries. These opportunities exist in a wide range of sectors, including climate-smart agriculture, urban infrastructure, renewable energy and more.
Helping our clients tap into these opportunities and working with a host of partners to catalyze finance for climate action, is at the core of our business. In 2021, IFC delivered 32% in own-account climate finance and mobilized $3.7 billion for climate. This means that for every dollar of own account climate finance, we mobilized 93 cents from other investors.
The 26th U.N. Climate Change Conference of the Parties (COP26) is taking place in Glasgow from October 31 to November 12, 2021, where leadership from the World Bank Group will boost efforts to ramp up support for a green, resilient, and inclusive recovery and support to low-carbon transitions that put people at the center. As part of the World Bank Group's Climate Change Action Plan, IFC is working to unleash private-sector innovation to help countries mitigate and adapt to climate change.
From the World Bank
The impact of IFC climate business in FY20:
- $6.8 BILLION COMBINED MOBILIZATION AND INVESTMENT
- 8.1MILLION METRIC TONS IN ANNUAL GHG REDUCTIONS
- 111 CLIMATE SMART PROJECTS