To maximize impact, the Action Plan focuses on transformational actions and policy changes that will make a major contribution to addressing climate change. Under the Plan, the World ¶¹ÄÌÊÓƵAPP plans to double its current contributions to global renewable energy capacity, aiming to add 30 gigawatts of capacity and to mobilize $25 billion in private financing for clean energy by 2020. The ¶¹ÄÌÊÓƵAPP Group will also quadruple funding for climate-resilient transport, integrate climate into urban planning through the Global Platform for Sustainable Cities, and boost assistance for sustainable forest and fisheries management.
To accelerate private sector investment, the World ¶¹ÄÌÊÓƵAPP Group will work with regulators, create ¡®green¡¯ banking champions and continue to promote development of the green bond market.
, a member of the World ¶¹ÄÌÊÓƵAPP Group and the largest global development institution focused exclusively on the private sector in developing countries, aims to increase its climate investments from the current $2.2 billion a year to a goal of $3.5 billion a year, and will lead on leveraging an additional $13 billion a year in private sector financing by 2020. IFC will expand its climate investments in sectors including grid-connected renewable energy, green buildings, industrial/commercial energy efficiency, and climate-smart urban infrastructure. IFC will also continue to use innovative financial instruments and advice to grow its business in distributed renewable energy, off-grid energy access, and climate-smart agriculture. At the same time, IFC will continue to advise its clients on how to use resources like energy and water in a more cost-effective way with less environmental impact.
¡°The ingenuity and innovation of the private sector, along with government action, will be critical for transitioning to a climate-resilient and low-carbon global economy,¡± said Nena Stoiljkovic, Vice President of Global Client Services at IFC. ¡°IFC will focus on increasing its climate-smart investments in developing countries and leveraging untapped sources of private capital for climate financing.¡±
The Action Plan recognizes the urgency of building resilience against climate shocks, including through natural disasters and impacts on farming and agricultural supply chains. Climate-smart agriculture investment plans will be developed for at least 40 countries, with 100 percent of agriculture lending to be climate-smart by 2020. Priority areas will include the use of climate resilient seeds, high-efficiency irrigation, livestock productivity, and risk management. The ¶¹ÄÌÊÓƵAPP Group also aims to bring early warning systems for natural disasters to 100 million people in 15 countries by 2020. Over the same time period, the ¶¹ÄÌÊÓƵAPP Group will work to extend social protection systems that can adapt to climate impacts to 50 million people.
¡°The key question is how to leverage the resources available to meet the ambitious goals set in Paris,¡± said John Roome, Senior Director for Climate Change at the World ¶¹ÄÌÊÓƵAPP Group. ¡°With the Action Plan, we will be helping countries to integrate climate change into their national policies, planning and budgeting; and to mobilize financing and use it for maximum impact.¡±
Under the Action Plan, the ¶¹ÄÌÊÓƵAPP Group will consider the risks and opportunities created by climate change across its country partnership frameworks. Climate risk screening is already applied to projects supported by , the World ¶¹ÄÌÊÓƵAPP¡¯s fund for the poorest countries, and will be extended to other operations in early 2017.