By Pratima Desai

LONDON, (Reuters) – The International Finance Corporation (IFC), an investment group, has funded projects that fund more than 10 gigawatts in renewable energy development in emerging countries. Its global head for mining stated this was enough to supply power for 10 million homes in the United States.

Namrata Thapar, a Reuters Next Conference interviewee, stated that IFC’s current energy portfolio is worth $8 billion.

Thapar explained that “a lot of the projects in difficulty jurisdictions are in the sense that they might be secluded far from powerlines.”

IFC funds direct energy investment as well as funding mining. It is essential for the transition to energy. Without metals, such as cobalt and nickel, it will not be possible.

Thapar explained that “Some of our commitments include being an Anchor for Critical Shared Infrastructures such as Power, Water and Railways… (mining Projects) can act as catalysts for that kind of development.

IFC is part the World Bank Group. This group has a long tradition of investing in mining to generate economic growth. The IFC is one of the most important development financial institutions in the world, having an investment portfolio that totals $64 Billion in emerging markets.

Because it’s a key part of the plans to lower greenhouse gas emissions and increase renewable energy, its share in the total energy mix will grow faster over time.

According to an International Energy Agency report, global clean energy investments in developing and emerging economies must increase from $150 billion to $1 trillion annually by 2030 to ensure that the world reaches net zero emissions by 2050.

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