DUBLIN, Ireland, September 20, 2024 – In a significant move to drive decarbonization in emerging markets, the International Finance Corporation (IFC), a member of the World Bank Group, has partnered with the Carbon Trust to help companies reduce emissions and adopt greener production methods. This collaboration aims to create decarbonization strategies for businesses while expanding the reach of IFC’s sustainable financing to global companies with supply chains in developing regions.
The partnership will enable IFC clients to create comprehensive roadmaps for decarbonizing their operations and foster investments in low-carbon technologies. It will also help businesses transition to greener supply chains, aligning with the broader goals of sustainable economic development.
Wagner Albuquerque de Almeida, IFC’s Global Director for Manufacturing, Agribusiness, and Forestry, emphasized the importance of the collaboration: “This agreement marks a significant milestone in IFC’s mission to accelerate an inclusive transition to low-carbon, resilient growth. By working together, we are addressing the climate crisis and supporting economic development, ultimately benefiting both the planet and people.”
The Carbon Trust, a global climate consultancy with over 20 years of experience, brings its expertise in guiding businesses and governments toward Net Zero. Tom Cumberledge, Director at the Carbon Trust, highlighted the crucial role that businesses play in achieving climate goals: “Businesses in emerging markets play a critical role in the transition to Net Zero but often lack the experience or access to finance to accelerate progress. This partnership with IFC will drive decarbonization by helping companies set Net Zero strategies and unlocking the investment required to achieve these goals.”
This collaboration builds on previous efforts, such as the recent launch of IFC’s Food Loss Climate Impact Tool, which helps businesses estimate the greenhouse gas emissions caused by food loss across the value chain. By identifying areas for improvement, this tool assists companies in meeting climate targets, enhancing profitability, and strengthening food security.
The International Finance Corporation (IFC) is the largest global development institution focusing on the private sector in emerging markets. In fiscal year 2024, IFC committed $56 billion to businesses and financial institutions, supporting private sector solutions for sustainable development.
The Carbon Trust is known for its work in setting over 200 science-based targets and advising more than 3,000 organizations worldwide. With a mission to accelerate the move to a decarbonized future, the Carbon Trust partners with businesses, governments, and financial institutions to drive positive climate action.
This joint initiative between IFC and the Carbon Trust is poised to provide businesses in emerging markets with the tools, expertise, and financing needed to accelerate the global transition to a low-carbon economy.