PROJECT

Projects

Summary of Advisory Services Project Information

Project Number

607319

Primary Business Area

Financial Institutions Group

Disclosure Date

Apr 4, 2024

Country

Eastern Europe Subregion

Region

Europe

IFC Approval Date

Sep 19, 2022

Status

Active

Estimated Total Budget

$900,000.00
(Project budget includes all project-funded activities)

Last Updated Date

May 9, 2024

Project Estimated Start Date

Sep 1, 2022

Project Estimated End Date

Jun 30, 2026

Project Description

The changing climate represents a systemic risk to the real economy and the financial sector. The overall objective of the project is to address the need of financial institutions in Poland, Romania, Bulgaria, Western Balkans (Serbia, Albania, Kosovo, Bosnia and Herzegovina), Ukraine, and Moldova to enable European FIs to comply with the European supervisory expectations in climate risk management; and assure Paris Alignment of FIG’s investment pipeline. This overall objective will be achieved through provision of advisory services to financial institutions, IFC investment clients, regulators, and market intermediaries in climate risks management and Paris Agreement alignment in accordance with international best practices and recommendations. To achieve the overall objective, the project will focus on the following components: Component 1. Develop awareness and knowledge on climate risk management and Paris Alignment among key stakeholders and the financial sector. Component 2. Build and improve the capacity of financial institutions in climate risk management, alignment to Paris Agreement and international best practices in disclosures and reporting through in-depth IFC advisory services.

Development Results

E&S Risks / Impacts and Mitigation