On March 9, 2016 IFC was accredited as an implementing entity with intermediary functions to the Green Climate Fund (GCF). The GCF is an international mechanism established by the United Nations to help stabilize greenhouse gas emissions in the atmosphere by investing into low-emission and climate-resilient development. GCF will do so by providing financing for developing countries for clean energy, and other climate change mitigation and adaptation efforts. The approval from the GCF Board means that IFC will be able to seek GCF funding for programs and projects for blending for its investment operations and support advisory services to clients that meets GCF’s objectives.
The private sector has an essential role to play in tackling climate change and ensuring sustainable low-carbon growth. IFC’s approach of creating market-based solutions to mobilize private capital for investment products and advisory services for climate change mitigation and adaptation align well and can help deliver on GCF’s objectives. In addition, IFC’s disciplined approach and strong governance for blending concessional finance can ensure GCF funding is utilized for private sector activities in a targeted, yet impactful manner
We look forward to being able of engaging with the GCF to support our clients to manage the risks and opportunities climate change presents.