The World Bank’s investment arm, International Finance Corporation (IFC), will sign an MoU with the Abu Dhabi Fund for Development to jointly invest $1.5 billion in energy transition and the fight against climate change, IFC Director General Makhtar Diop said at the World Government Summit.
For every $1 in grant money that the World Bank receives, it can mobilize $10 of capital to invest in climate action, Diop told CNN’s Becky Anderson in a session titled “Investing in a sustainable future: the role of climate finance.”
Diop also warned that one of the big challenges the world will face in coming years is access to water, adding that this is a conversation currently being overshadowed by the energy transition.
Makhtar Diop, the Director General of the International Finance Corporation (IFC), the investment arm of the World Bank, has announced that the IFC will be signing a Memorandum of Understanding (MoU) with the Abu Dhabi Fund for Development. The two organizations will be jointly investing $1.5 billion towards energy transition and the fight against climate change. Diop stated that for every $1 in grant money received by the World Bank, it can mobilize $10 of capital to be invested in climate action.
