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• 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.

About

• 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.

Source: TH