IFC, a member of the World Bank Group, convened a panel of experts and thought leaders from the public and private sector who have championed innovative climate-smart solutions in their respective fields. The panel examined new climate-smart investment opportunities and explored approaches to further expand these markets in China.
IFC’s latest report, Creating Markets for Climate Business, marks China’s leading role in grid tied renewables and in rooftop solar. It further features growth of green infrastructure in the region. In East Asia, the total investment opportunity in green buildings alone is likely to be over $3 trillion from now until 2025. It also highlights that climate-smart agribusiness will play an important role to boost farmers’ productivity, thus helping countries to meet their food demands.
“In the East Asia and Pacific region, countries are already taking measures to manage pollution, and to cope with natural disasters, rapid urbanization, shifts in agriculture production, and environment degradation,” said Vivek Pathak, IFC’s Director for East Asia and the Pacific, who opened the “Creating Markets for China’s Climate Business Innovation” workshop in Beijing. “As a result, the region, especially China, has become a major driver in global growth of demand for climate-smart technologies,” he said.
“Our experience in China has demonstrated the economic and environment benefits of climate-smart projects that range from renewable, energy efficiency, water management, waste management to energy storage. We are working with all partners to further expand the markets for climate-smart business, contributing to sustainable development in China and other parts of the world,” said Randall Riopelle, IFC’s incoming Country Manager for China, Korea and Mongolia, who will officially assume the role on December 1, 2017.
In 2016, IFC provided a $40 million loan to Anyou Biotechnology Group to scale up its environmental-friendly animal feed operations. Anyou’s optimized feed formula cuts down on feed costs while reducing animal waste discharge by 30 percent. These wastes are primarily nitrous oxide, a Greenhouse gas 310 times more powerful than carbon dioxide.
Additionally, IFC launched a project last year with China’s Center of Science and Technology and Industrialization Development to support the development of the country’s emerging green building sector.
Addressing climate change is a strategic priority for IFC. Since 2005, IFC has invested $18.3 billion of its own funds in long-term financing for climate-smart projects and mobilized an additional $11 billion from other investors.