IFC plans to create single unifying global standard on green bonds

By Tali Rackner

Minneapolis, Dec. 12 – IFC will work to set a single unifying global standard on green bonds, comparable to the equator principles, as a way to assist the development of the green bond market to crowd in private finance into climate business, according to a press release from World Bank Group.

To arouse the greening of the financial sector, World Bank Group said it will partner with the Sustainable Banking Network (SBN) to offer technical support to create and implement national roadmaps for sustainable finance in six countries. The roadmaps are based on a framework developed jointly with UN Environment.

In addition, IFC will invest up to $325 million in the Green Cornerstone Bond Fund, a partnership with Amundi. The investment will create the largest ever green-bond fund dedicated to emerging markets.

The fund, which is already subscribed at over $1 billion, is a $2 billion initiative aiming to deepen local capital markets and expand and unlock private funding for climate-related projects, the release said.

World Bank Group made these announcements and others at the One Place Summit on Dec. 12 in Paris, in line with its continuing support to developing countries for the successful implementation of the Paris Agreement’s goals, the group said.

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