IFC at COP29: Accelerating Low-Carbon, Inclusive, and Resilient Growth
For the next two weeks, all eyes will be on Baku, Azerbaijan, the host of the 29th Conference of the Parties (COP) to the United Nations Framework Convention on Climate Change (UNFCCC). With 2024 on track to be yet another hottest year on record and projections of 3.1°C temperature increases by the end of the century, one hundred and ninety-five countries will continue to negotiate the multilateral response to the climate crisis. Will they be able to respond with the scale and urgency that the crisis demands?
This year’s conference has been dubbed the “finance COP” as negotiations will focus on the?New Collective Quantified Goal (NCQG)—a new annual funding target in support of developing countries as they respond to climate change. We also expect updates to the rules for the international carbon market (“Article 6”) which could help fund the transition in emerging markets.
Finance will fuel the global response to the climate crisis. Yet today, the global climate finance flows of $1.3 trillion a year are well short of what the world needs and are concentrated in just a few countries. Only 15% is going to developing countries, with 3% to the least developed countries and only 5% going to adaptation. At IFC, we believe that with the right support, the private sector—like?these women entrepreneurs in Viet Nam?who are leading climate action in their communities—will be key to closing the gap. Our efforts in mobilizing private capital for climate action prove that the right investments can unlock new markets and deliver impact at scale?where it’s needed most.
IFC is in Baku with a single goal in mind: to help accelerate the transition to low-carbon, resilient, and inclusive growth in emerging markets that is focused on people and jobs. We will have a full schedule of events in and outside the World Bank Group pavilion (Blue Zone, Area E, Pavilion B1). If you are at COP, please join us in person, and if not, please follow our?broadcast events online?and on our social media channels.
IFC Global Director for Climate Business?
At COP29 in Baku, Azerbaijan, IFC will showcase private sector solutions and investment opportunities to accelerate the transition to low-carbon, inclusive, and resilient growth in emerging markets. Join the global conversation and see the full list of events here.?
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Emerging economies need trillions each year to drive low-carbon growth and protect communities from climate impacts, yet only a fraction of these funds reach those most in need. In fiscal year 2024, IFC invested $5.4 billion in green, social, and sustainability-linked financing and mobilized an additional $2.28 billion. From green homes in South Africa to rooftop solar in Romania, we’re driving sustainable change worldwide.
?STORIES OF IMPACT
Access to clean and safe drinking water remains a challenge for many of the nation’s rural communities. However, following the issuance of the country’s first-ever sovereign green bond in 2017, access to clean water has been much improved. Read more?
Take a journey to Fiji’s Vatani village and learn how a sovereign green bond is helping locals access clean water—supporting the archipelago nation’s climate change mitigation and adaptation initiatives.
New financial tools such as green bonds and green loans are helping Mongolia's cashmere industry cut greenhouse gas emissions—while strengthening the resilience of the nomadic goat herders known throughout centuries as “guardians of the land.”?
In this audio story, Khan Bank CEO Munkhtuya Rentsenbat , cashmere manufacturer Tumen Suljee, CEO Namkhaijamts Erdenebat, and a cashmere goat herder explain how green bonds and green loans are shaping Mongolia’s sustainable future.
Addressing climate change is the most urgent and complex issue of our time. However, the representation of women in the energy sector remains alarmingly low. A growing cohort of women are working to redress this balance and empower the climate workforce in Viet Nam. Read more
With soaring temperatures killing half a million people each year, there is an increasing need to finance sustainable investment in cooling. Camilo Mondragón-Vélez , lead author of IFC and UN Environment Programme 's collaborative report on Cooler Finance shares more in this audio story.
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?IFC ANNUAL REPORT 2024
In fiscal year 2024, IFC pushed boundaries, set new records, and pioneered innovative approaches to mobilize private capital where it's needed most. Download report here?
WHAT'S ON THE HORIZON
Attend these events:
Location: Baku, Azerbaijan | Event Date:?November 11-22
Location: Bilbao, Spain | Event Date:?November 12-14
Location: Athens, Greece | Event Date:?November 18
Location: London, United Kingdom | Event Date:?December 4-5
Location:?Houston, Texas | Event Date:?December 4-5
Location: Dubai, United Arab Emirates | Event Date:?December 9-10
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JOB OPENINGS
To learn more about jobs at IFC, visit www.ifc.org/careers?and sign up for our “job alerts” to receive job opportunities in real time. Here are some of the openings:?
Location: Amman, Jordan | Deadline:?November 12
Location: Washington, DC | Deadline: November 14
Location: Rabat, Morocco | Deadline: November 14
Location: Kuala Lumpur, Malaysia | Deadline: November 14
Location: Dakar, Senegal | Deadline: November 18
Location: Mumbai, India | Deadline: November 19
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IFC INSIGHTS EDITORIAL TEAM
Chance Barnett , Brian Beary , Lee-Roy Chetty , Moussoukoro Diop , Bukola Ogunyemi , Isabelle Poupaert , Nataliya Radchenko , Daisy Serem , Gavin Thorpe , Vinit Tyagi , and Chris Vellacott .??
Thank you to guest contributors of this IFC Insights COP29 special edition Morgan Graham , Nadya Nikiforova , Melanie Mayhew , Alison Buckholtz , Caitriona Palmer , Armando G. , Maria Kristina Galang , Julia Schmalz , and Camryn Billett .
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3 个月Who do I talk to in the IFC about a big climate bond for carbon sink project to remove c. 300 million tones of CO2? This is will be a PPP project. We represent the private partner. This may be a way the private sector can play a meaningful role.
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3 个月I like IFC's declaration of purpose at COP29: helping to accelerate the transition to low-carbon, resilient, and inclusive growth in emerging markets focused on people and jobs. Such clarity is required of all attendees. There is a fierce urgency to address the crisis from climate change right.
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