IFC’s 2018 Climate Business Forum in Vienna Aims to Scale Climate-smart Investing Across Europe and Central Asia Region
Vienna, October 15, 2018 — IFC, a member of the World Bank Group, will hold its annual Climate Business Forum in Vienna, Austria, October 16-17, convening business leaders, investors, and government representatives to discuss practical solutions and innovative approaches for scaling climate-smart investments in the region. Attendees will benefit from IFC’s global perspectives on climate business with a focus on opportunities in Europe and Central Asia (ECA) region and discuss the necessary policymaking to allow for greater scale-up of such opportunities.
Europe and Central Asia holds great promise for climate-smart investing across sectors, ranging from climate-smart cities, renewable energy, green buildings, clean transport to waste management. For green buildings alone for example, estimates indicate that the market in the region for new buildings is expected to reach $42 billion by 2025.
Urgent climate action has gained further momentum with the release of a new report by the Intergovernmental Panel on Climate Change (IPCC) that warns that even at 1.5°C warming the planet will witness irreversible catastrophic effects, and that limiting global warming requires rapid and far-reaching approaches to energy, land use, buildings, transport, and cities. Along with the enormous challenge, climate change also opens doors for investments that can be enabled through a concerted action by businesses and governments.
“IFC has a unique role to play for ramping up climate business in emerging markets by providing both capital and advice, leveraging public and private finance and acting as a convener to design and implement climate smart solutions in emerging markets. That is why we hold this annual event to jointly think of solutions and ways to implement them,” said Alzbeta Klein, IFC Director for Climate Business.
As of 2018, 189 countries have submitted plans to shift their economies and infrastructure to reduce carbon and increase their resilience to climate change. IFC estimates that the climate action plans of 21 emerging market economies alone represent $23 trillion in climate-smart investment opportunities. The Forum will discuss opportunities in Europe and Central Asia and the Middle East across industries ranging from green building, electric transportation, climate-smart cities, climate-smart agribusiness, green bonds and technologies of the future – among others,
“The 2018 Climate Business Forum is a unique opportunity for businesses and investors from Europe and Central Asia region to get a deep-dive on the possibilities that exist in these markets,” said Wiebke Schloemer, IFC Regional Director for Europe & Central Asia. “Countries in ECA region offer a good platform to test new climate smart innovations and initiatives, such as IFC’s Cities Initiative, which was developed in the ECA region ten years ago and has become a global program.”
Addressing climate change remains a strategic priority for IFC. Since 2005, to-date, IFC has invested $22.2 billion in long-term financing from its own account and mobilized another $15.7 billion through partnerships with investors for climate-related projects, reflecting a growing appreciation that climate-smart agribusiness, green buildings, smart cities, clean energy, green bonds represent areas of opportunity for investing in emerging markets.
IFC—a sister organization of the World Bank and member of the World Bank Group—is the largest global development institution focused on the private sector in emerging markets. We work with more than 2,000 businesses worldwide, using our capital, expertise, and influence to create markets and opportunities in the toughest areas of the world. In fiscal year 2018, we delivered more than $23 billion in long-term financing for developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity. For more information, visit www.ifc.org.