10 Essentials for a ‘Truly Green’ Green Equity Approach

When the IFC finally goes ahead with the review it promised to initiate in 2021, it should examine how it can address existing loopholes in the GEA that still allow clients to expand support for fossil fuels. To address these shortfalls and make Paris alignment a reality, the IFC must implement much-needed reforms to the GEA. The reformed GEA should form part of the IFC’s Paris alignment methodology, to ensure that it is fit for purpose to achieve global climate objectives.

To achieve this, the IFC should ensure the revised GEA:

1. Stops clients supporting new coal
2. Supports clients to cease finance for all new oil and gas projects
3. Supports clients to scale up investments in sustainable renewables
4. Ensures more clients adopt the GEA
5. Closes the coal underwriting loophole
6. Puts gender equality front and centre
7. Addresses past harms caused by IFC-backed fossil fuel projects
8. Ensures transparency and full public disclosure
9. Allows for an evidence-based, public review of the GEA
10. Ensures a rights-based approach and meaningful participation