Washington, D.C., October 5, 2011—
IFC, a member of the World Bank Group, and the European Bank for Reconstruction
and Development are helping local and international businesses in Turkey
better plan for and adapt to growing challenges linked to climate change.
In collaboration with Turkey’s Ministry
of Environment and Urbanization and the Union of Chambers and Commodity
Exchanges of Turkey, IFC and EBRD will manage a year-long market study
designed to give the private sector new tools to help anticipate and respond
to the effects of climate change. The initiative will work with Turkish
businesses large and small to address needs for achieving climate resilience
in the private sector.
In recent workshops held in Ankara and
Istanbul hosted by the Union of Chambers and Commodity Exchanges of Turkey
and the Ministry of Environment and Urbanization, business leaders and
representatives of the public sector and civil society joined IFC, EBRD,
and government officials to discuss various climate-change effects and
their relation and importance to businesses. They also observed gaps and
barriers towards adaptation, and identified opportunities related to climate
"Investing in a sustainable future
is a smart business decision,” said Mohsen Khalil, Global Head of IFC’s
Climate Business Group. "Yes, it is about working towards the public
good, but equally important, for the private sector, there is a strong
financial incentive to evolve towards sustainable business models that
incorporate climate risk. Investing now in climate-adaptable strategies
and operations is by far less costly than having later to cope with the
uncertainties of a vulnerable environment."
According to Terry McCallion, EBRD Director
for Energy Efficiency and Climate Change, investment in climate-change
mitigation—including in energy efficiency and renewable energy—is off
to a good start.
"However, it is essential that
long-term investment decisions and business plans start to consider the
consequences of climate change. The related risks and opportunities are
less well understood. Consequently, it is important for international financial
institutions to cooperate and work with governments to raise awareness
in the private sector. This will be an important study in that regard,"
The new joint study is the latest effort
in the EBRD and IFC’s collective commitment to tackle climate change through
a well-balanced approach that entails both mitigation—by reducing greenhouse-gas
emissions—and adaptation, by coping with the inevitable impacts of climate
IFC, a member of the World Bank Group,
is the largest global development institution focused exclusively on the
private sector. We help developing countries achieve sustainable growth
by financing investment, providing advisory services to businesses and
governments, and mobilizing capital in the international financial markets.
In fiscal 2011, amid economic uncertainty across the globe, we helped our
clients create jobs, strengthen environmental performance, and contribute
to their local communities—all while driving our investments to an all-time
high of nearly $19 billion. For more information, visit www.ifc.org.