The IFC Cleantech Conference brings together fund managers, strategic partners and other stakeholders from around the globe focused on developing countries, who have a particular interest in the innovation aspect of climate change.
IFC will lend $50 million to Acme Solar Energy Pvt. for building and operating power projects. The loan will be used for a 25-megawatt grid-connected photovoltaic power plant in the state of Madhya Pradesh.
TEEB for Business Coalition (TEEB4BC), of which IFC is a member, and which supports accounting for natural capital in business, released a new report on how environmental impacts of businesses cost the global economy around $4.7 trillion a year.
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.