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Home Business

$2 Billion Investment in Green Construction

by The FINANCIAL
December 10, 2018
in Business
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The FINANCIAL — IFC announced a new partnership to help transform construction markets by crowding in as much as $2 billion in public and private sector financing for certified green buildings in emerging markets.

The UK-IFC Market Accelerator for Green Construction Program will be the first UK-IFC partnership in blended concessional finance for climate-change mitigation. The U.K. government’s contribution of 105 million pounds will include 80 million pounds for investments and 25 million pounds for advisory services. The funds will be used to incentivize the development of green buildings through certification with IFC’s EDGE and other leading certification systems.

Globally, buildings generate 19 percent of energy-related greenhouse gas emissions and consume 40 percent of electricity. Every year, an additional 5.5 billion square meters of floor space is constructed, mainly in emerging markets where green construction makes up only a small fraction of new buildings. The global built environment is expected to double by 2050, and green construction can secure lower emissions for decades. By accelerating the construction of certified green buildings, the program aims to mobilize $2 billion in investments to help tackle climate change.

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“Green buildings represent a powerful opportunity to address climate change in emerging markets,” said Hans Peter Lankes, IFC’s Vice President for Economics and Private Sector Development. “Investments in green buildings certified with EDGE and other standards could represent a $3.4 trillion opportunity over the next decade. Blended finance is a valuable tool to help create new markets for green construction by mobilizing private capital through financial intermediaries.”

IFC plays a key role in advancing climate solutions led by the private sector. It has an ambitious commitment to ensure 35 percent of its investments are climate-related by 2030. Since 2005, IFC has invested $22.2 billion in long-term financing from its own account and mobilized another $15.7 billion from investors for climate-related projects. IFC green building commitments were $1.4 billion in fiscal year 2018. EDGE certification is available in 144 countries with more than four million square meters of floor space certified.

IFC’s Blended Finance practice helps unlock private sector capital by using concessional finance to mitigate risks, enabling private investors to undertake high-impact development projects that are on the cusp of commercial viability. In fiscal year 2018, IFC committed more than $218 million of concessional donor funds, catalyzing $1.5 billion in private investment.

 

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