BAKU, Azerbaijan, December 8. Widespread, equitable access to affordable, reliable, and clean energy is essential to reduce poverty, create new markets and opportunities, accelerate gender equality, and meet the Sustainable Development Goals, Cheryl Edleson Hanway, International Finance Corporation (IFC) Regional Senior Manager for Infrastructure and Natural Resources said in an exclusive interview with Trend.
“To that end, IFC is supporting the expansion of proven clean energy solutions like onshore wind and solar energy generation in emerging markets, as well as the deployment of more nascent transformative technologies such as offshore wind, battery storage, distributed generation, off-grid solar, and green hydrogen. Some of our projects have been first-of-kind initiatives, demonstrating that renewable energy is a commercially viable option in emerging markets.
To promote energy efficiency, conservation, and carbon reduction in the power sector, we provide project finance, corporate finance, and innovative sustainable finance products. As part of this
effort, IFC also offers sustainability-linked financing to incentivize companies to achieve sustainability targets and climate as well as social impact by tying pricing to measurable goals, such as reduction in corporate greenhouse gas emissions, increase in renewable energy generation and/or increased female employment, through interest rate step-ups or step-downs,” she said.
Hanway noted that as the largest global development institution focused exclusively on the private sector, we also work to create private sector opportunities in the energy sector.
“The integrated procurement model ‘Scaling Solar’ is a good example of a one-stop-shop of World Bank Group products that encompass project preparation, advisory services, and available investment financing. It uses a programmatic approach to deploy renewables at an affordable price and at scale. Building on that, we also offer other “scaling” technologies such as Scaling Wind and Scaling Mini-Grids.
And, last, but not least, IFC also offers advisory services that strengthen private sector participation in the power sector. Our Sustainable Infrastructure Advisory team works with private sector clients to design and implement local benefit-sharing initiatives, decarbonization pathways, strategies to protect the environment and promote gender inclusion, and engagement programs with affected communities to increase impact and transparency,” she added.
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