UK Teams With IFC To Mobilize $2 Billion In Green Construction Financing
By Joshua S Hill
The UK Government and the International Finance Corporation announced earlier this week that they were committing to mobilize $2 billion in public and private sector financing for certified green buildings in emerging markets in an effort to transform overseas construction markets.
This will be the first time the United Kingdom has partnered with the International Finance Corporation (IFC), a World Bank Group member, in blended concessional finance for climate-change mitigation. Specifically, the UK-IFC Market Accelerator for Green Construction Program will seek to mobilize as much as $2 billion in public and private sector financing, which will include an initial £105 million contribution from the UK Government, intended for investments (£80 million) and advisory services (£25 million).
The Program will seek to incentivize the development of green buildings through certification with IFC’s EDGE and other leading certification systems.
Photo courtesy of Pavel Ahmed.