World Bank member eyes new climate-smart investments in China

International Finance Corp (IFC), a member of the World Bank Group, is seeking new climate-smart investment opportunities in China while exploring approaches to further expand these markets.

"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 environmental degradation,” Vivek Pathak, IFC's director for East Asia and the Pacific, said on Monday.

As a result, the region, especially China, has become a major driver in global growth of demand for climate-smart technologies," he said in a seminar.

One of IFC's latest reports marks China's leading role in grid-tied renewables and in rooftop solar. In East Asia, the total investment opportunity in green buildings alone is likely to be over $3 trillion from now until 2025, according to the report. It also highlights that climate-smart agribusiness will play an important role in boosting farmers' productivity, thus helping countries meet their food demands.

"Our experience in China has demonstrated the economic and environmental 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.

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.

For instance, IFC provided a $40 million loan last year to Anyou Biotechnology Group to scale up its environmentally-friendly animal feed operations.