IFC to triple climate lending
The IFC hopes to increase its climate-related investments to over $3 billion per year.
A member of the World Bank, the IFC has created a Climate Business Group to raise climate and clean energy investments in the private-sector, highlighting their larger focus on climate change.
The goal of this new group is to make the IFC’s climate-related investments at least 20 percent of its total lending within the next three years.
Mohsen Khalil, the IFC’s executive of Central Asian, Middle Eastern and North African institutions will head the Climate Business Group.
The IFC’s creation of this new group coincides with the World Bank’s recent selection of Andrew Steer as special envoy for climate change where he oversees the bank’s Strategic Climate Fund as well as organizes efforts to raise climate financing.