■ International Finance Corporation (IFC)
◇ Context: The International Finance Corporation (IFC), the private sector arm of The World Bank, has said it will stop supporting investments in new coal projects.
◇ Previously, in 2020, IFC had unveiled a policy requiring clients to reduce their exposure to coal projects by half by 2025, and to zero by 2030, but did not prevent new investments.
□ Status of IFC lending in India
◇ It has lent close to $5 billion to almost 88 financial institutions in India.
◇ Context: The International Finance Corporation (IFC), the private sector arm of The World Bank, has said it will stop supporting investments in new coal projects.
◇ Previously, in 2020, IFC had unveiled a policy requiring clients to reduce their exposure to coal projects by half by 2025, and to zero by 2030, but did not prevent new investments.
□ Status of IFC lending in India
◇ It has lent close to $5 billion to almost 88 financial institutions in India.