iloubnan - IFC to promote sustainable energy in Lebnaon - June 05, 2011

The International Finance Corporation (IFC), the private sector arm of the World Bank Group, launched a sustainable energy finance initiative in Lebanon that aims to develop financial products that help Lebanese companies use resources more efficiently and protect the environment. 

It estimated that high energy costs and unsustainable practices cost Lebanese businesses more than $400m annually in lost profits, in addition to their negative impact on the local environment. The IFC indicated that the initiative aims at expanding access to finance for projects that will save energy and other resources, and promote the efficient use of energy. 

The project is also supported by Finland, the United Kingdom's Department for International Development, the Islamic Development Bank, and Banque Libano-Française. 

In parallel, the IFC indicated that it is providing support to the Lebanon Green Building Council's ARZ Building Rating System. The new rating system is a tool to encourage owners of commercial buildings in Lebanon to undertake renovations that save money and reduce greenhouse gas emissions.

Source: Lebanon This Week Bulletin, Byblos Bank