How does a green loan report its impactJaipur Stock?
Under the Green Loan Principles, information on the use of a green loan’s proceeds is reported annually to the institutions participating in the loan. The GLP also recommends an external review process. However, self-certification by a borrower or investor with the technical expertise to confirm alignment of the green loan with the key features of the GLP is deemed sufficient.
In practice, Loan Agreements for an IFC green loan include client’s obligations to report annually on the allocation of use of proceeds and select impact indicators. IFC requires a second opinion confirming alignment with the GLP. This requirement is waived in cases where 100% of the proceeds are used to finance third party certified green buildings or renewable energy projects.Guoabong Investment
What is IFC’s experience with green loans?
Climate is a strategic pillar for IFC and the World Bank Group and IFC is committed to growing its climate-related investments to an annual average of 35% of its own-account long-term commitment volume between 2021 and 2025. A few of IFC’s recent/active green loans include:New Delhi Wealth Management
2019/2020 | IEnova (Mexico): $541 million
In Mexico, IFC structured and mobilized a $541 million, 15-year Green Loan facility to support Infraestructura Energetica Nova (IEnova). The green loan will finance the construction of five solar plant projects in Mexico with a total installed capacity of 526 MW. These solar projects will displace carbon-intensive thermal generation in the country and eliminate approximately 793,000 tCO2eq per year. By financing IEnova’s first solar power generation projects, IFC is seeking to support IEnova’s transition towards a greener business model. Following IEnova’s adoption of the Green Loan Principles, this investment became the first certified IFC Green Loan in Mexico.
May 2021 | Sicredi (Brazil) | $120 Million
In Brazil, IFC is helping to boost financing for climate-friendly projects, especially in the energy sector, through a green loan of up to $120 million to Sicredi. The loan will help diversify the country's energy matrix, promote sustainability, and support Brazil's climate goals. The loan is aimed at strengthening Sicredi's climate finance program, with a focus on photovoltaic (PV) energy projects in Brazil. This will allow the cooperative financial institution, with more than 5 million members, to finance renewable energy projects, promoting more sustainable practices in energy use.
May 2021 | AbSA (South Africa) |$150 million:
In South Africa, IFC issued Africa's first certified green loan to Absa Bank Ltd. to increase funding for biomass and other renewable energy projects, supporting the country's power sector and economic recovery from COVID-19. IFC is providing Absa Bank Ltd., one of Africa's largest financial services groups, with a loan of up to $150 million to support the bank's strategy to expand its climate finance business and help South Africa meet its greenhouse gas reduction targets.
July 2021 | NE Property BV (Romania) Loan: EURO 73.5 million
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