- The International Finance Corporation (IFC), the private sector arm of The World Bank, has said it will not support investments in new coal projects.
- The IFC is taking the next step toward alignment with Paris Agreement ambitions.
- Earlier, in 2020, IFC had unveiled a policy requiring clients to reduce their exposure to coal projects by half by 2025, and to zero by 2030, but did not prevent new investments.
- The IFC funds banks and other financial institutions that in turn lend to infrastructure and energy projects. The IFC has reportedly lent close to $5 billion to almost 88 financial institutions in India.
International Finance Corporation (IFC)
- Established in the 1950s, the International Finance Corporation (IFC) headquartered in the United States of America.
- It is the largest global development institution focused exclusively on the private sector in developing countries.