Ifcs Support For Hydropower And Solar Energy

IFC's Role in Financing Renewable Energy

IFC's Support for Hydropower and Solar Energy

The International Finance Corporation (IFC), a member of the World Bank Group, is a leading financier of low-cost renewable energy. As of December 2023, IFC has financed more than 8 GW of hydropower and 8 GW of solar energy projects globally.

IFC's Financing for Hydropower

IFC has a long-standing track record of supporting hydropower development in emerging markets. Hydropower is a clean and renewable source of energy that can provide baseload power and help reduce greenhouse gas emissions. IFC's support for hydropower projects has helped increase access to affordable, reliable electricity in many countries, including Peru, Ethiopia, and Nepal.

IFC's Financing for Solar Energy

IFC is also a major financier of solar energy projects. Solar energy is a rapidly growing source of renewable energy, and IFC's support has helped accelerate the development of solar power plants in countries around the world. IFC's financing for solar energy projects has helped increase access to clean, affordable electricity, and reduce the reliance on fossil fuels.

IFC's Impact on Renewable Energy Development

IFC's financing for renewable energy projects has made a significant contribution to the growth of the renewable energy industry. IFC's support has helped reduce the cost of renewable energy, increase the availability of financing for renewable energy projects, and improve the regulatory environment for renewable energy development.

As a result of IFC's involvement, renewable energy is now a more affordable and accessible source of energy for many countries around the world. IFC's continued support for renewable energy development will help to further reduce greenhouse gas emissions and mitigate the effects of climate change.