IFC report states that Albania, developing countries may benefit billions from Paris climate agreement

The International Financial Corporation, IFC, part of the World Bank has recently published a report on the climate and developing countries, including Albania.

The report sets the focus on the great prospect that the economies of these countries have to take advantage of the historic Paris climate agreement.

The report identifies seven sectors of industry that can bring about a fundamental change in promoting private investment: renewable energy, off-grid energy and energy storage, agribusiness, green buildings, urban transport, water and urban waste management.

More than $ 1 trillion of investment has already concentrated on climate-related projects in these areas.

But other trillions can be generated if proper working conditions would be created in emerging markets, writes the report.

“The private sector holds the major weight in the fight against climate change,” said Philippe Le Houérou, IFC’s executive director.

“The private sector has opportunities for innovation, funding and the means to realize this. We can help in freeing more private sector investments, but this also requires government reform as well as creating innovative business models,” he added.

Investments in renewable energy could reach $ 11 trillion by 2040.

Investments in water and sanitation could exceed $ 13 trillion by 2030.

Albania is one of the signatories of the flagship Paris agreement.

Over the last year, a number of international reports point to the climate impact of the country’s economy, sounding the alarm.

The struggle against climate change will not only undermine these negative effects, but according to the World Bank, it will also create endless business opportunities.

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