IFC reveals areas it finances in relation to sustainable development

The International Finance Corporation (IFC) currently focuses on 5 major systems that together account for more than 9% of global greenhouse gas emissions and face significant adaptation challenges, Aliya Azimova, representative of the IFC in Azerbaijan, said at the event titled "Raising Ambition, Delivering Action: COP29 Sustainable Business Forum", Report informs.

According to her, this includes energy, agriculture, transport, manufacturing sectors and urban economy: "IFC also directs financing to projects related to the creation of climate-friendly financial systems and greening to ensure an integrated approach to sustainable development."

She noted that globally in 2023, IFC allocated $14.4 billion to projects to combat climate change, which is twice as much as compared to the previous year.