Many people in developing countries still suffer from extreme shortages of energy. About 700 million South Asians and 550
million Africans don’t have access to electricity. Access to affordable energy is essential for poverty reduction. It is IFC’s mission to work with private sector companies to bring energy solutions to developing countries.
IFC supports renewable energy and energy efficiency where feasible and fossil-fuel development and use where this is economically viable and contributes to poverty alleviation. IFC aims to maximize access to energy, while helping countries minimize greenhouse gas emissions. In fiscal year 2008, IFC invested a total of US$1.88 billion in oil, gas, coal, and thermal projects. In the same year, IFC invested a total of US$1.28 billion in renewable energy projects and projects with asignificant energy-efficiency component. IFC aims to support low-carbon growth in developing countries and is committed to increasing its investments in renewable energy and energy efficiency from US$1.1 billion in fiscal years 2005-07 to over $3 billion in fiscal years 2009-11.
A full text can be found at http://www.ifc.org/ifcext/media.nsf/AttachmentsByTitle/AM08_Energy_ClimateChange/$FILE/AM08_Energy_ClimateChange_IssueBrief.pdf
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