With COP27 underway in Sharm El-Sheikh, Egypt, the global community is focusing on what it would take to fully implement and accelerate climate action at transformative scale.

This edition of IFC Insights takes a deeper look at a few ideas.

To start, a new IFC study of 43 African countries reveals how climate adaptation can be a commercial investment opportunity for the private sector. This could amount to 4 percent of Africa’s GDP over the next 20 years, close to $100 billion or $5 billion a year. Climate adaptation solutions can be good for business, just as they are good for communities hard hit by climate-change induced natural disasters.

The role of business in ramping up climate action was top of mind during the IMF-World Bank Group Annual Meetings 2022. Leading climate business experts discussed ways to drive both climate action and development impact. These include tapping into carbon markets, financing the energy transition, and achieving a just transition for all.

And by tracing the life cycle of a T-shirt, Insights explains yet another way to drive climate action – by companies going low carbon and committing to reduce, reuse, recycle.

Business leaders are certainly discussing these and other solutions at COP27. Be sure to check out the list of events to tune in and continue following their timely conversation. I, for one, will be listening.

–  Emmanuel Nyirinkindi, Vice President, Cross-Cutting Solutions