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$65,000.00 (Project budget includes all project-funded activities)
Last Updated Date
Mar 27, 2025
Project Estimated Start Date
May 23, 2022
Project Estimated End Date
May 30, 2023
Project Description
This project will oversee a Green Investment Diagnostic using IFC's APEX Tool in order to identify and prioritize a low-carbon pipeline of infrastructure investment opportunities for Lima.
Development Results
The objective of this advisory engagement is to leverage the APEX tool with MML's existing Local Climate Change Plan for the Province of Lima 2021-2030 (developed with support from C40) as a base input, complement it with additional data to be gathered during the intervention (e.g. The Metropolitan Urban Development Plan 2021-2040, and the Concerted Development Plan for the Province of Lima 2021-2035), in order to identify and prioritize a low carbon pipeline of infrastructure investment opportunities for Lima.
E&S Risks / Impacts and Mitigation
Performance Standard
Description and Potential Impact
Mitigation
PS 1. Assessment and Management of Environmental and Social Risks and Impacts
This project includes delivery of advice on green financing. There is a risk that this may not be perfectly consistent with every single aspect of the IFC Performance Standards and that the advice does not fully manage client expectations on the required E&S risk management necessary in order to access green financing, to avoid the perception of greenwashing. The team also notes that if any future investment with the client is to move forward, based on experience with similar municipalities in the region, there is a significant risk that the client will not be compliant with IFC performance standards and will struggle to move to compliance due to low capacity.
The project team will include in their advisory work that it will be essential for the client to put in place a robust E&S management system (ESMS) to manage the risks and opportunities from green financing. The team will make it clear that in order to access green finance, any truly green investor will require them to have an ESMS and adequate internal E&S capacity. The team will also facilitate communication between E&S and APEX, to ensure that the advice based on the APEX tool is fully aligned with IFC Performance Standards. The team notes that if this initial engagement with the client is successful and leads to potential investment, then a follow up phase will consider the assessment of the client's E&S capacity, and liaise closely with the E&S team for potential follow-up work.
Press-Release
Additional Documents
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This Summary of Advisory Services Project Information (ASPI) is prepared by IFC to disclose a factual summary of the main elements of this advisory services project. It may also include findings and recommendations related to environmental and social considerations regarding this project. The purpose of the ASPI is to enhance the transparency of IFC's activities. For any project documentation or data included or attached herein, whether prepared by the project sponsor or otherwise, authorization has been given for public release by the client. IFC considers that this ASPI is of adequate quality for release to the public, but has not necessarily independently verified all of the project information therein. It is distributed within sixty days of project's approval and may be updated periodically afterwards. Total budget and start dates are estimates only. The following ASPI is disclosed in accordance with IFC's Access to Information Policy (AIP) that went into effect on January 1, 2012.
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